Kashkari, a voting member of the Federal Open Market Committee this year, said the Fed must be careful not to cut interest rates too aggressively before inflation is clearly on track to return to target. While job growth has slowed and hiring has softened, layoffs remain limited and the unemployment rate has hovered around 4.4%.

Federal Reserve Bank of Minneapolis President Neel Kashkari said whoever President Donald Trump selects to be the central bank’s next chair will have to put forward their best arguments for interest rates to persuade other policymakers.