Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari said that the overall economy seems quite resilient and that he has seen less tariff pass-through than expected, at the Midwest Economic Forecast Forum hosted online by the Wisconsin Bankers Association on Wednesday.

Key takeaways

The economy is confusing, job market showing signs of weakness.

Inflation is still too high but moving the right way.

The overall economy seems quite resilient.

The economy has not slowed as much as expected.

There is a k-shaped economy.

Wonders how tight monetary policy actually is.

Has seen less tariff pass through than expected.

Another price bump related to tariffs could happen.

Tariffs haven't been gut punch many feared, but long term story still playing out.

2% inflation remains target and remains committed to getting that level.

Most confident housing related inflation is easing.

I think inflation is heading now, unclear where it lands at year end.

Does not expect inflation to surge again.

Current Fed balance sheet expansion is not quantitative easing.

My outlook for economy is pretty good growth, doesn't see need for Fed quantitative easing. Biggest barrier to housing market is supply. declines comment on trump administration buying mortgage bonds.

Fed's job and inflation goals are in tension.

Welcomes recent decline in unemployment rate.

Fed really needs to monitor both sides of its mandates.

Consistently hears from businesses about desire for legal immigration.

Not sure what current break even rate is for job market.

It will take a few more months for government data to recover from shutdown impact.

Feels pretty confident job market is moving sideways and inflation easing.

Most business a.i. use now experimental, not yet leading to layoffs.”