According to Odaily Planet Daily, Kashkari of the Federal Reserve said that he does not expect more than two rate cuts in the June economic forecast. He believes that inflation seems to be stable for some time, and more patience may be needed. The US economy is in good shape, but if it fails to reach the 2% inflation target, it will damage the credibility of the Federal Reserve. It is more likely than raising interest rates that interest rates will be kept at the current level for longer than the public expects. It is not that monetary policy has no impact, but that the impact is not as large as expected, nor as fast as expected.