Fed’s Kashkari: Jobs report shows why more rate hikes needed

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — The solid U.S. jobs report for October underscores why the Federal Reserve needs to raise interest rates higher than it had previously forecast to control inflation. That’s according to Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. In an interview with The Associated Press, Kashkari says that at the Fed’s next meeting in December he expects to issue a higher forecast for where the central bank’s benchmark rate will be next year than he did in September. He says the jobs data shows that hiring is healthy despite some slowing in recent months.