Minneapolis Fed's Neel Kashkari is now penciling in a rate hike this year

The policymaker cited broad inflationary pressures, including oil price disruptions tied to the Middle East conflict and AI data center buildout

Bloomberg / Getty Images

One rate increase before year's end is now what Minneapolis Federal Reserve President Neel Kashkari is expecting, a reversal from his earlier position, CNBC reported Friday.

"In March, I had penciled in one rate cut by the end of the year. In June, I've changed that to one rate hike by the end of the year," Kashkari said during a panel discussion at the Aspen Ideas Festival in Aspen, Colorado. "It's a pencil, and so we're going to have to see how the data comes in."

Broader inflationary........

© Quartz