The 30-stock Dow attempted another day of gains Tuesday as traders looked for more clues on when the Federal Reserve may start cutting rates.
Minneapolis Federal Reserve President Neel Kashkari said Tuesday that he expects the central bank to sit tight on interest rates for an extended period, and did not rule out the possibility of a hike if the inflation metrics do not cooperate.
Interest rate cuts could come if inflation starts heading back to the Fed's 2% goal, though he said that isn't his most likely case. Kasharki said he penciled in two rate cuts at the Fed's March meeting and would be reassessing when the Federal Open Market Committee updates its 'dot plot' in June. The remarks came the same day he published an essay on the Minneapolis Fed site questioning whether the neutral rate of interest is higher than the Fed and financial markets think.
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