Minneapolis Federal Reserve Bank President Neel Kashkari stated that the Fed should see significant progress on inflation before considering interest rate cuts. In a CNBC interview, he emphasized the need for several months of positive inflation data and mentioned the possibility of further rate hikes if inflation does not decrease. Although Kashkari initially anticipated two rate cuts this year, continued inflation may prevent any cuts by year-end. Recent data showed a smaller-than-expected increase in U.S. consumer prices in April.