Federal Reserve President Tells Americans to Brace for ‘Extended’ Period of High Interest Rates

Minneapolis Federal Reserve Bank President Neel Kashkari said in a podcast interview that aired Sunday that Americans are so fed up with inflation they’re inclined to tolerate a recession if it means price pressures will fall, while warning consumers to brace for the prospect of high interest rates for an “extended” period of time. Mr. Kashkari made the remarks in an episode of the Financial Times’ Economics Show that aired on June 2, in which he said that the U.S. central bank is to some extent confounded as to why inflation has been “much longer lasting” than the Fed’s models predicted....