Federal reserve president says rate cuts may not come in 2024

Minneapolis Federal Reserve President Neel Kashkari indicated at a Milken Institute conference that interest rate cuts are unlikely in 2024 unless there are multiple reports showing significant disinflation. Despite earlier predictions of possible rate reductions next year, Kashkari emphasized the need for a steady rate policy due to persistently high inflation levels, which remain above the Fed's 2% target. He also mentioned that adjustments to future rate cuts will depend on forthcoming economic data, with a focus on inflation trends and labor market conditions.