Fresh data showing U.S. consumer prices rose only slightly in July is yet another reason for the Federal Reserve to pause interest rate hikes until it is clear that inflation will rebound, Minneapolis Fed President Neel Kashkari said on Friday.

“The CPI came in today .. and again it came in low,” Kashkari, the sole dissenter against Fed rate hikes this year, told a community bankers’ forum. “We have the luxury of waiting to see what actually happens … before we decide where to go with monetary policy.”

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