Minneapolis Federal Reserve Bank President Neel KashkariHe said Monday that he is confident inflation will return to normal, even though it takes longer than expected.

He acknowledged that he believed that the surging price would not last and that he was part of “team transitory”, but said that persistent supply-demand inequalities have led to the rise. highest inflation levels in more than 40 years.

The Fed’s tools of monetary policy can be used to reduce demand but they cannot increase the supply.

He told CNBC that he was confident the inflation would drop to 2% and that he believed it.Squawk BoxInterview. But I’m not sure how heavy that burden will be compared to getting assistance from the supply.

He made his comments less than one week after Federal Open Market Committee’s interest rate setting meeting. raised benchmark ratesBy half a point. The increase of 50 basis points was the most significant in 22 year and set the stage for numerous similar-sized movements in the months to come.

Although Kashkari has always favored lower rates, looser monetary policies and lower interest rates historically, he voted for the increases in this year’s budget as they are necessary to stop spiraling inflation. But he pointed out that tighter policies will be more burdensome for those who are at the bottom of the wage scale.

He stated that it is the Americans with the lowest incomes who will be most affected by rising prices. However, your policies to reduce inflation directly impact those Americans. It is their jobs that are most vulnerable.

He stated that while this may be a daunting challenge for us all, we know inflation is not healthy for everyone and will not help our economy in the long-term.

On Wednesday, data from the government on consumer prices will be released. Then, Thursday’s April producer price information will follow.

Dow Jones forecasts that the rate of inflation should ease a bit in April. According to Dow Jones, the consumer price index will likely show an 8.1% rise over the previous year. This excludes food and energy. This compares with March’s rises of 6.5% and 8.5%.

Kashkari said that these numbers offer some comfort, but conditions are still difficult so long as supply-demand balances continue to be imbalanced.

He stated that “We simply need to pay attention to the data.” The most recent inflation data from some measures shows that it is somewhat softer than expected. Maybe there is some evidence of things starting to ease a little. It’s important to continue to be attentive to data to determine where conclusions can be drawn.