by John Carney
Breitbart.com
Surging immigration is keeping inflation and interest rates high, Fed honcho Neel Kashkari said in an interview with the Telegraph.
Kashkari, who runs the Federal Reserve Bank of Minneapolis, said he’s not ready to consider cutting rates until he sees “several months of real progress on inflation.” The flood of immigrants, he argued, is hindering that progress.
U.S. borrowing costs are likely to stay put for “an extended period of time,” Kashkari warned.
He’s particularly freaked out by the booming demand for housing, which just won’t cool off despite sky-high rates.