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Fed President: People Would Rather Have Recession Than High Inflation

June 5, 2024

by Breck Dumas
Yahoo! Finance

Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, says one of the things he has learned in the past few years is that consumers would rather see the economy fall into a recession than to continue to suffer the pain of soaring prices.

“The American people – and maybe people in Europe, equally – really hate high inflation,” Kashkari told the Financial Times podcast “The Economics Show with Soumaya Keynes” last week. “I mean, really, viscerally hate high inflation.”

Kashkari, who has led the Minneapolis Fed since 2016, said he has participated in several roundtable discussions with labor groups and workers around his region over the past couple years, and the comment that stuck with him the most was from a labor leader who represents low-income service workers.

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