Federal Reserve Bank of Minneapolis President Neel Kashkari said he supported the US central bank’s decision to lower interest rates this week and penciled in two additional cuts this year.

“I believe the risk of a sharp increase in unemployment warrants the committee taking some action to support the labor market,” Kashkari said Friday in an essay published on his bank’s website.

Fed officials lowered interest rates by a quarter percentage point - the first cut since December - at their policy meeting Wednesday, citing the need to support a more fragile job market.

The Minneapolis Fed chief, who does not vote on monetary policy this year but participates in the Federal Open Market Committee’s deliberations, had previously expected two total rate reductions would be necessary in 2025. T

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