May 30, 2024 – In what can only be described as a bombshell interview with the Telegraph, Neil Kashkari blamed much of the fuel that is pushing inflation higher on illegal immigration. Kashkari is the president of the Federal Reserve Bank of Minneapolis. And his statement directly contradicts claims made by the Biden administration on the topic of immigration..

Kashkari’s statements were specifically pointed at housing costs, which are one of the primary drivers of inflation. In the interview he talked about the fact that the country has not built enough housing to fill the demand for it. And he also mentioned that there is evidence that lease prices are currently increasing. Then he added, “And then, we have a big surge in immigration in the last few years. They obviously need a place to live.”

Lease prices ticking up was a particular issue for Kashkari. He said that when this happens, it typically takes a year or more for those prices to work their way into the numbers for inflation. That means that we can all expect to see inflation continue to climb, with little hope of any reduction in interest rates any time soon. Based on his statements, this will probably remain the case until someone can get the southern border under control.

Kashkari said that as things stand right now he wouldn’t be comfortable cutting interest rates and that he suspects that the current rates will remain in place for at least the remainder of this year. 

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