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On Thursday’s broadcast of the Fox News Channel’s “Your World,” Minneapolis Federal Reserve Bank President Neel Kashkari stated that stimulus spending was “a contributor to the high inflation that we’ve seen.” And “the spending on infrastructure, the spending on new chip plants, all of that, on a margin, is inflationary.” Kashkari further stated that while it’s not clear if that spending impacts inflation at the national level, “we are a little bit at cross-purposes” with government spending.
Kashkari said, “Well, the data is going to guide us, we’ve been surprised — in a concerning way — about the first three months’ inflation data this year. The second half of last year, we saw a lot of progress as inflation fell back towards our target. That gave us a lot of optimism that maybe 2% inflation is around the corner. And now, things seem to have stalled out.
Cavuto then asked, “Neel, how much does all of this spending in Washington complicate things? Because that is, in itself, inflationary, not exclusively, but it doesn’t help your cause, does it?” Kashkari answered, “It complicates things. We know that a lot of stimulus was part of the driver, not the only driver, but a contributor to the high inflation that we’ve seen. When I go out and I look at, where is investment taking place, where is construction taking place, we know, for example, the spending on infrastructure, the spending on new chip plants, all of that, on a margin, is inflationary. Is it big enough to move inflation at the national economy level? That’s a little bit unclear.
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