Fed's Kashkari: Fed moved too slowly in 2021 in tackling high inflation, 2023 rate cuts very unlikely

Federal Reserve's Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, is speaking and has said that the Fed moved too slowly in 2021 in tackling high inflation. 

He said wages are climbing and there is a risk that this goes into a wage-driven inflation story. he said the fed is laser-focused on getting inflation down.

He said concerning inflation is spreading and the Fed need to act with urgency. ''It is likely we raise rates and sit there, as 2023 rate cuts are a very unlikely scenario. 

He says a soft landing is possible but he does not know how likely. 

More to come...