Fed’s Kashkari sees rates at 1.75-2.00% at year-end

Kashkari has published an essay with his thoughts on monetary policy. The basic thrust of it is an apology and explanation for why he was wrong about inflation staying low.

• The good news is that long-term inflation expectations appear to be well-anchored
• My estimate of the nominal neutral rate remains at 2.00 percent

Kashkari is a dove but even his forecast would mean six more rate hikes this year.