Federal Reserve Kashkari said that the risk of a recession in the US economy has increased due to the recent banking turmoil, but it is still too early to judge the impact of this on the economy and monetary policy. Asked if banking pressure would push the US into recession, he said, “This will definitely bring us closer to recession.” “What is unclear is the extent to which these banking pressures have led to a widespread credit crunch. It's something we're watching very, very closely.” “It's too early to make any predictions about the next interest rate meeting.” Kashkari is the 2023 FOMC voting committee. Compared to the three Federal Reserve officials who delivered speeches on Friday, his remarks were more cautious. Three officials who spoke earlier said that fighting inflation remains a top priority, and further policy tightening may be necessary. This may reflect Kashkari's transformation. In recent months, he has been an outspoken hawk who supports interest rate hikes to cool prices.