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Fed's Kashkari wants significant progress on inflation before rate cuts

(Reuters) - Minneapolis Federal Reserve Bank President Neel Kashkari said in an interview with CNBC broadcast on Tuesday that the U.S. central bank should wait for significant progress on inflation before cutting interest rates.

"Many more months of positive inflation data, I think, to give me confidence that it’s appropriate to dial back," Kashkari told CNBC in an interview when asked about the conditions that are needed for the Federal Reserve to cut rates once or twice this year.

FILE PHOTO: Minneapolis Fed President Neel Kashkari speaks during an interview with Reuters in New York
Minneapolis Fed President Neel Kashkari. (Reuters)

Kashkari told CNBC that the central bank could potentially even hike rates if inflation fails to come down further.

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In April, Kashkari said he had penciled in two interest rate cuts this year at the U.S. central bank's March meeting but if inflation continues to stall, none may be required by year end.

U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter.

(Reporting by Kanjyik Ghosh; Editing by Andrew Heavens and Peter Graff)