Fed official says interest rate cut possible ‘in the near term’

Minneapolis Federal Reserve President Neel Kashkari on Wednesday said recent signs the economy is slowing have bolstered the case for an interest-rate cut “in the near term.”

In an interview with CNBC, Kaskhari said that while it might not be known for a year or more whether new White House tariffs on trading partners will result in persistent inflationary pressures, the data in hand clearly show the economy is slowing.

“That tells me, as one policymaker, I need to start leaning more on the data that I’ve got confidence in — the economy is slowing — and that means, in the near term, it may become appropriate to start adjusting the federal-funds rate,” Kashkari said.