The central premise behind the Carlson School of Management’s 1st Tuesday Speaker Series is bringing together members of the Twin Cities business community to hear interesting viewpoints on relevant topics.
The series’ September guest, Federal Reserve Bank of Minneapolis President and CEO Neel Kashkari, certainly delivered for Tuesday’s sellout crowd at the McNamara Alumni Center.
Kashkari, who has led the Minneapolis Fed since January 1, 2016, shared his dissenting opinion on the Federal Reserve’s decisions to raise interest rates: He cautioned “maybe our rate hikes are actually doing real harm to the economy.”
“It’s very possible that our rate hikes over the past 18 months are leading to slower job growth, leaving more people on the sidelines, leading to lower wage growth, and leading to lower inflation and inflation expectations. So these premature hikes that we’ve been embarking on, they’re not free, and I think we need to remind ourselves of that.”
In a question-and-answer session with Carlson School Dean Sri Zaheer—a member of the Minneapolis Fed board—and attendees, Kashkari covered a variety of financial topics, including immigration’s effect on economic growth, “too big to fail” banks, and inequality in Minnesota.
“Our job at the Federal Reserve Bank is to represent all of you, to know what is happening in our region,” said Kashkari, whose institution serves Minnesota, Montana, North and South Dakota, Michigan’s Upper Peninsula and northwestern Wisconsin. “Meetings such as this are enormously important to me, because it gives me a chance to hear directly from you.”
Watch the Minneapolis Fed’s video of the event below: