(Reuters) - Minneapolis Fed President Neel Kashkari said on Thursday that sluggish growth in the U.S. economy will likely remain for the foreseeable future.
“We’re not forecasting a recession, but we’re also not forecasting a booming economy,” Kashkari said at a town hall meeting in Montana streamed live on the bank’s website.
He said it would likely remain “sluggish.”
Kashkari is not a voting member on the Fed’s rate-setting committee until next year, but takes part in deliberations.
He has yet to comment on when he would prefer to see a rate increase, but has said he is more worried about raising rates too quickly than too slowly.
Most Fed policymakers are backing a rate hike by year’s end should the labor market and inflation continue to firm.
Reporting by Lindsay Dunsmuir in Washington; Editing by Sandra Maler