More from Fed’s Kashkari:

It was not the labor market that caused inflation
Very few transactions happened on crypto, unless it’s drugs or illegal activity
Immigration policy will affect our reading of the labor market
Tariffs shouldn’t be themselves leading to ongoing inflation probably a one-time change in price level
Definitely want to avoid a recesion.
Saw signs of labor market weakness which is why cut 50 bps
Going forward, we will look at all the data to decide on rate policy.
Evidence of quick labor market weakening could lead to faster rate cuts
Right now I see modest cuts over the next quarters

Later today at 5:05 PM ET, Kansas City Fed Pres. Schmid is to speak about the economic outlook and monetary policy at the Chartered Financial Analysts Society, in Kansas City. Audience questions expected.

Then at 6:40 p.m. ET, San Francisco Fed Pres. Daly is due to participate in a moderated discussion at an event hosted by the Wall Street Journal, in California.