Americans Favor Recession Over Inflation, Says Fed's Kashkari

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, stated that Americans have a strong aversion to inflation and would prefer a recession over rising prices. Consequently, he does not foresee a rate cut soon, despite Wall Street's expectations. Inflation remains stubbornly high at 3.4%, and Kashkari believes maintaining tight monetary policy is necessary. He also noted the U.S. economy's resilience and suggested that the base rate might stabilize around 2.5% in the future, but warned that rates could still rise if inflation does not decrease.