Fed's Kashkari sees another rate hike, then a hold

Federal Reserve building in Washington, DC. — Reuters

Minneapolis Federal Reserve Bank President Neel Kashkari said on Monday that given the surprising resilience of the U.S. economy, the Fed probably needs to raise borrowing rates further and keep them high for some time to bring inflation back down to 2%.

"If the economy is fundamentally much stronger than we realized, on the margin, that would tell me rates probably have to go a little bit higher, and then be held higher for longer to cool things off," he said at an event at the Wharton School of Business, a recording of which was made available late on Monday.