Minneapolis Federal Reserve President Neel Kashkari predicts that the U.S. central bank will cut interest rates once this year, likely in December. Despite holding the benchmark policy rate steady at 5.25%-5.50% last week, Kashkari stresses the need for more evidence to confirm inflation is on track to reach 2%. While the median forecast from 19 central bankers indicates a single rate cut in 2022, Kashkari remains cautious about revealing his personal expectations. He acknowledges the strength of the job market but anticipates some cooling ahead. Kashkari emphasizes the importance of bringing inflation back to the 2% target to support home ownership and affordability. Overall, the Fed aims to make informed decisions based on data related to inflation, the economy, and the labor market before considering any rate cuts.