Fed's Kashkari says 'now is the time to start slowly moving' rates up

Minneapolis Federal Reserve President Neel Kashkari said Wednesday that he thinks higher interest rates are needed now to bring down inflation and avoid more drastic increases later.In a CNBC interview, the central bank official called for a gradual approach that could start in September, though he did not commit to a timetable.Kashkari was one of three dissenters at last week's Federal Open Market Committee who wanted a quarter percentage point rate hike. However, the other nine voters disagreed, voting to hold the benchmark funds rate in a range between 3.5%-3.75%. "Corporate earnings are through the roof. They're doing great. The consumer is hanging in there. The labor market is hanging in there. I look at this constellation and I say, what evidence do I have that monetary policy is par