Why I Dissented Again
Neel Kashkari

Mr. Kashkari: Although recent inflation readings are fairly muted, it is important for the Federal Reserve to be preemptive on inflation after several years of QE and zero rates. Monetary operates with variable time lags. The longevity of the expansion will be extended from raising rates sooner even with inflation below target because it will hopefully avoid a more steep rise later that could prove recessionary. Waiting for the whites of the eyes of inflation risks an inflationary overshoot and a Volcker-type recession.

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