Fed's Kashkari: 'Many months of positive inflation data' needed before rate cut

Minneapolis Federal Reserve President Neel Kashkari said on Tuesday that he would not support an interest rate cut until there are "many months of positive inflation data."

He said such data would give him "confidence that it's appropriate to dial back."

His comments were made during an interview on CNBC.

He signaled that the Fed might have to increase rates further if inflation does not cool over several months.

“I don’t think we should rule anything out at this point,” he said.

The average 30-year fixed conventional mortgage rate is more than 7%.