According to Odaily Planet Daily, Minneapolis Federal Reserve Bank President Neel Kashkari said he supports the Fed's decision to cut interest rates this week and has included two more rate cuts this year in his forecast. "I believe the risk of a significant rise in unemployment is sufficient to prompt the Committee to act to support the labor market," Kashkari wrote in an article published on his Fed website on Friday. Federal Reserve officials cut interest rates by 25 basis points at their Wednesday meeting, the first rate cut since December, citing the need to support a more fragile job market. The Minneapolis Fed president does not vote on monetary policy this year but participates in Federal Open Market Committee discussions. He previously projected that only two rate cuts would be needed for the entire year of 2025. The Fed will hold two more policy meetings this year, in October and December. Kashkari added that the Fed should not "presume a set path of a series of rate cuts." He would favor holding off if the labor market appears more resilient than it currently appears, or if inflation rises, and would even consider raising rates if economic conditions warrant.

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