Fed's Kashkari says policy rate should stay on hold 'for a while longer'

Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday reiterated his view that he is unsure how restrictive monetary policy is right now, and that borrowing costs "probably need to sit here for a while" as U.S. central bankers take stock of inflation.

"The big question mark in my mind is, is how restrictive is policy right now? " Kashkari told the Williston Basin Petroleum Conference in Bismarck, North Dakota. The economy and the housing market has been more resilient than expected, he said, and Americans have been spending more than anticipated given the increase in the Fed policy rate to its current 5.25%-5.5% range.