Fed’s Kashkari says central bank should raise interest rates now to avoid ‘entrenched inflation problem’

Minneapolis Federal Reserve President Neel Kashkari on Wednesday outlined why he thinks the central bank should raise interest rates to curb persistent inflation and head off the need for more substantial monetary policy action at a later date.

Kashkari was one of the three Fed policymakers who dissented from the 9-3 decision to leave interest rates unchanged at last week’s monetary policy meeting and instead voted to raise the benchmark federal funds rate by 25-basis-points. The Fed has held rates steady all year.

In an interview with CNBC’s “Squawk Box,” Kashkari noted the signs of strength across various components of the economy and said…

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