Fed’s Neel Kashkari says central bank has not made enough progress, keeping his rate outlook

Minneapolis Federal Reserve President Neel Kashkari said Tuesday that explosive jobs growth in January is evidence that the central bank has more work to do when it comes to taming inflation.

That means continuing to raise interest rates, with the likelihood that the Fed’s benchmark borrowing rate should rise to 5.4% from its current target range of 4.5%-4.7%.

“We have a job to do. We know that raising rates can put a lid on inflation,” Kashkari told CNBC during a Tuesday morning interview on “Squawk Box.” “We need to raise rates aggressively to put a ceiling on inflation, then let monetary policy work its way through the economy.”

spoke to CNBC’s “Squawk Box” on Tuesday morning.

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