Minneapolis Fed President: "Further modest rate cuts" are appropriate for the benchmark interest rate

Minneapolis Fed President Kashkari said that a "further modest reduction" in the central bank's benchmark interest rate over the next few quarters seems appropriate. He mentioned that the policy direction will be determined by economic, inflation, and labor market data. Despite higher-than-expected core inflation rates in September and a slight decrease in the unemployment rate, investors' expectations for a significant rate cut by the Fed at the November meeting have weakened. Kashkari believes that the current policy stance is restrictive, but the extent of the restriction is not yet clear