Federal Reserve's Neel Kashkari says inflation outpacing wage increases for many

MINNEAPOLIS -- The President of the Federal Reserve Bank of Minneapolis says most Americans are making more money, but inflation means we're not feeling the benefits.

Neel Kashkari appeared on "Face The Nation" over the weekend.

"For most Americans, their wages are going up, but they're not going up as fast as inflation. So most Americans, real wages, real incomes are going down," Kashkari said. "We need to get the economy back into balance before this really does become a wage driven inflation story."

Kashkari told host John Dickerson there are many factors at play, including supply chain issues.

He says the Federal Reserve is committed to doing what it can to bring inflation down.

"We don't want to see the economy overheating. We would love it if we can transition to a sustainable economy without tipping the economy into recession. There's not a great record of doing that. Typically when the economy slows down, it slows down by quite a bit, especially if it's the central bank that is inducing the slowdown. So we're going to do everything we can to try to avoid a recession. But we are committed to bringing inflation down and we're going to do what we need to do," Kashkari said.