Neel Kashkari used to be the most reliably dovish member of the FOMC. Now, he is one of its most reliably hawkish members. Why the change of heart? Is he concerned about the long-term effects of high inflation? Has he had an ideological transformation? The interesting thing is that Fed officials don’t typically have ideological transformations. Thomas Hoenig was a hawk while he was on the Fed, and he’s continued to be a hawk after leaving the Fed. This is in part because monetary policy views are like political views. We see doves as empathic to the average citizen. They want to lower borrowing costs a bit to make ... (full story)