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Fed's Kashkari Calls for 25-bp Rate Hike, Defies Vote

8/6/2026

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Summary

Story summary

Fed President Neel Kashkari urged a 25-basis-point hike, dissenting from the FOMC’s 9-3 vote, while Dallas Fed President Lorie Logan and Cleveland Fed President Beth Hammack warned inflation stays above 2%.
Fed Chair Kevin Warsh told Neel Kashkari to “do what you think is right for the economy,” no pressure.
June CPI was 3.5% and PCE 3.7% above 3%, while markets see 54.9% chance of 25-bp hike at Sept. 15-16 meeting.

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Story summary

Fed President Neel Kashkari urged a 25-basis-point hike, dissenting from the FOMC’s 9-3 vote, while Dallas Fed President Lorie Logan and Cleveland Fed President Beth Hammack warned inflation stays above 2%.
Fed Chair Kevin Warsh told Neel Kashkari to “do what you think is right for the economy,” no pressure.
June CPI was 3.5% and PCE 3.7% above 3%, while markets see 54.9% chance of 25-bp hike at Sept. 15-16 meeting.