Federal Reserve Bank of Minneapolis President Neel Kashkari likened the concerns of fellow U.S. central bank heads that country could see accelerated inflation in the future to "ghost stories."
Kashkari made the statement during a talk hosted by the Independent Community Bankers of Minnesota, essentially expressing dissent to an otherwise unanimous Fed decision to raise interest rates due to fears of accelerated inflation.
"I think they are making different decisions because they are very worried about accelerating inflation," he said.
The Minneapolis Fed president added, "I call this — and I mean this with no disrespect — I call this a ghost story, meaning, I cannot prove to you that there's not a ghost underneath this table," as he pointed to the table he was using during the talk.
Kashkari also believes that the Fed could afford to wait for more signs of pressure on wages and prices before increasing interest rates, and he pointed to data from the Labor Department's Consumer Price Index for July as evidence to support his wait-and-see stance.
He also stated that there is no data that definitively indicates faster inflation rates in the future.