Two Fed officials voted against holding rates unchanged this week, warning
delayed action on inf could require more aggressive tightening later. The
Cleveland Fed president said the longer high inf persists, the harder and
costlier it will be to bring down. Minneapolis Fed president Neel Kashkari said
he leans toward gradual tightening while awaiting further inf and jobs data, and
argued Fed tools can address supply-driven inf as in the late 1970s–early 1980s.
Both said multiple supply shocks are lifting inf; the Cleveland president also
flagged demand-side pressure. Both noted the economy remains strong and
Unemployment is low.
