Fed ‘united’ in inflation flight, ‘don’t know’ if recession will follow, Kashkari says

Minneapolis Federal Reserve Bank President Neel Kashkari said he and his fellow U.S. central bankers are “totally united” on getting too-high inflation back down to their 2% goal, but it is out of their control if doing so brings on a recession.

“We know that we have to, and we will, get inflation back down,” Kashkari said in Helena, Montana on Thursday. The bank distributed a recording of his remarks on Friday. “We don’t know” if a recession will follow from the Fed’s aggressive rate hikes, he said. “Whether this actually leads to a recession or not is going to depend on, do we get help on the supply side?”