Fed’s Kashkari: Rates will stay high for 'extended period' and can't rule out a hike

- Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, stated interest rates will likely stay high for an "extended period" and a hike cannot be ruled out if inflation stalls near 3% - If inflation remains entrenched at 3%, rates may need to be raised higher - A rate cut is also possible if inflation drops or the labor market weakens - Kashkari believes two rate cuts or less may occur this year, depending on upcoming data - He is closely monitoring inflation, the job market, and the housing market - There has been a lack of progress towards the Fed's 2% inflation target - Fed Chair Jay Powell stated a rate hike is unlikely to be the next policy move in a press conference

Summarized top reddit comments: - Fed's Kashkari suggests rates will remain high for an extended period - Market rallied despite negative comments, remains bullish - Some users made humorous references to movie characters - Discussion on Fed's transparency and its impact on the market - Some users want a pullback for the bull run to continue, while others suggest a rally within the rally