Transcript: Minneapolis Fed president and CEO Neel Kashkari on "Face the Nation with Margaret Brennan," May 3, 2026
Minneapolis Fed President Neel Kashkari expressed concerns about ongoing Middle East tensions impacting U.S. inflation and economic stability during a 'Face the Nation' interview. He dissented from the Fed's decision to hold rates steady, citing risks from elevated energy prices and supply chain disruptions. Kashkari emphasized uncertainty about future rate moves, warning that inflation pressures could delay expected rate cuts or even prompt hikes.
- ▪Neel Kashkari dissented from the Federal Reserve's decision to hold interest rates unchanged, suggesting rate hikes could be possible.
- ▪He cited disruptions from the Iran conflict, including the closure of the Strait of Hormuz, as major drivers of inflation risks.
- ▪Kashkari noted that energy price shocks are already comparable to those seen after Russia's invasion of Ukraine.
- ▪He warned that supply chains could take up to six months to normalize even if the Strait of Hormuz reopened immediately.
- ▪Kashkari described the labor market as being in a 'low hire, low fire environment' with recent stabilization around a 4.3% unemployment rate.
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Face The Nation Transcripts Transcript: Minneapolis Fed president and CEO Neel Kashkari on "Face the Nation with Margaret Brennan," May 3, 2026 .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-face-the-nation.jpg'); } Updated on: May 3, 2026 / 12:52 PM EDT / CBS News Add CBS News on Google The following is the transcript of the interview with Minneapolis Fed president and CEO Neel Kashkari that aired on "Face the Nation with Margaret Brennan" on May 3, 2026.MARGARET BRENNAN: We go now to Neel Kashkari, who is the President and CEO of the Federal Reserve Bank of Minneapolis.
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