On Thursday, Minneapolis Fed Chairman Cashkali said that if inflation stagnates, especially with the economy remaining strong, there may not be a need to cut interest rates this year. Kashkali said in an interview on the same day, "I predicted in March that if inflation continues to fall back to the target level of 2%, interest rates will be cut twice this year. But if the inflation trend continues to be sideways, it will make me question whether we need to cut rates."