Speaking in an interview on CNBC, Minneapolis Fed President Niel Kashkari said on Monday that he remains confident that inflation is going to come back to the Fed's 2.0% target. Bad news is weighing on supply chains and inflation, he continued, noting that as energy prices stay higher for longer, investors will see a good place to deploy capital. 

Kashkari said that the Fed will change its approach if the data comes in differently versus expectations and noted that the Fed is not focused on the stock market, rather they are focused on their dual mandate, which includes a strong labour market.