According to CNBC, Minneapolis Federal Reserve President Neel Kashkari said higher interest rates are needed now to reduce inflation and avoid sharper increases later. In a CNBC interview, he called for a gradual approach that could start in September, though he did not commit to a timetable. Kashkari was one of three dissenters at last week's Federal Open Market Committee meeting who wanted a quarter-point rate hike, while the other nine voters kept the benchmark federal funds rate in a range between 3.5% and 3.75%. He also said corporate earnings, the consumer and the labor market are all holding up well, and questioned whether monetary policy is currently restrictive.