Fed policymakers say dramatic rate hikes may be ahead

It still could be that the Fed only needs to raise rates "modestly" above neutral, Minneapolis Fed President Neel Kashkari said in an essay published on the regional Fed bank's website in which the former dove said he wants to raise rates to 1.75% to 2% this year.

Two of the Federal Reserve's most hawkish policymakers on Friday said the central bank needs to take more aggressive steps to combat inflation, and two others said they would be open to it – one of whom just six months ago envisioned a 2022 with no rate increases at all

It still could be that the Fed only needs to raise rates "modestly" above neutral, Minneapolis Fed President Neel Kashkari said in an essay published on the regional Fed bank's website in which the former dove said he wants to raise rates to 1.75% to 2% this year.