Federal Reserve Bank of Minneapolis President Neel Kashkari said on Friday that inflation is way higher than any of us want it to be and, as a result, we have to normalise monetary policy to bring supply and demand back into balance, reported Reuters. Kashkari said that he is in favour of beginning to shrink the Fed's balance sheet as soon as the next meeting and that we should shrink the balance sheet at a much faster pace this time versus last. I would shrink the balance sheet at double the pace versus last time, he said. Every one of us is committed to the Fed's inflation goal, Kashkari noted, saying that we will keep inflation expectations anchored.