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Fed's Kashkari Says Tariffs Raise the Bar for Fed Interest-Rate Moves
Federal Reserve officials: even in the face of a weaker economy, the threshold for rate cuts will be higher.
On Wednesday, September 2026, Minneapolis Federal Reserve President Kashkari stated that President Trump's announced tariffs exceed expectations and are extensive. He anticipates that these tariffs will depress investment and GDP growth, and temporarily boost inflation. Kashkari pointed out that considering the inflationary impact of tariffs, the Federal Reserve is unlikely to lower interest rates even if the economy begins to weaken. In an article published on the Minneapolis Fed's official website on Wednesday, Kashkari wrote: "Due to the impact of tariffs, the threshold for adjusting the federal funds rate has become higher. Given that maintaining long-term inflation expectations is crucial, and the potential of tariffs..."
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