Fed's Kashkari Backs His Vote To Hike Interest Rates: 'Now Is The Time'

Minneapolis Federal Reserve President Neel Kashkari backed his decision to vote in favor of hiking interest rates in last week's meeting, saying now is "the time to start slowly moving up as we get more data in." Speaking with CNBC, Kashkari said the most recent information shows the current monetary policy is not "particularly restrictive." I look at this constellation and I say, what evidence do I have that monetary policy is particularly restrictive right now?" Others, in contrast, said they believe current rates are enough. The remarks follow those of John Williams, the chair of New York's Federal Reserve, who also said he expects inflation to ease gradually at current rates.