'Very unlikely' Fed to cut rates next year

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Minneapolis Federal Reserve president Neel Kashkari says the possibility that the US central bank will pivot to cutting interest rates next year is extremely unlikely.

"Some financial markets are indicating they expect us to cut interest rates next year," Kashkari said at an event held as part of a financial regulation conference in New York.

"I don't want to say it's impossible but it seems like that's a very unlikely scenario right now given what I know about the underlying inflation dynamics. The more likely scenario is we would continue raising (interest rates) and then we would sit there until we have a lot of confidence that inflation is well on its way back down to 2 per cent."

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