More from Fed’s Kashkari:

• It was not the labor market that caused inflation
• Very few transactions happened on crypto, unless it’s drugs or illegal activity
• Iimmigration policy will affect our reading of the labor market
• Tariffs shouldn’t be themselves leading to ongoing inflation probably a one-time change in price level
• Definitely want to avoid a recesion.
• Saw signs of labor market weakness which is why cut 50 bps
• Going forward, we will look at all the data to decide on rate policy.
• Evidence of quick labor market weakening could lead to faster rate cuts
• Right now I see modest cuts over the next quarters

Later today at 5:05 PM ET, Kansas City Fed Pres. Schmid is to speak about the economic outlook and monetary policy at the Chartered Financial Analysts Society, in Kansas City. Audience questions expected.

Then at 6:40 p.m. ET, San Francisco Fed Pres. Daly is due to participate in a moderated discussion at an event hosted by the Wall Street Journal, in California.