(Bloomberg) -- Federal Reserve Bank of Minneapolis President Neel Kashkari repeated the central bank likely needs to keep interest rates at the current level for “a while longer,” and questioned how much they’re restraining the US economy.

“The biggest uncertainty in my mind is how much downward pressure is monetary policy putting on the economy,” Kashkari said Wednesday at an event in Bismarck, North Dakota. “That’s an unknown — we don’t know for sure. And that tells me we probably need to sit here for a while longer until we figure out where underlying inflation is headed before we jump to any conclusions.”

The Minneapolis Fed chief said last week the central bank will likely keep interest rates where they are “for an extended period of time.” Policymakers have kept interest rates at their current level — now a 23-year high — since July.

Fed officials have pushed out expectations for the first rate cut, emphasizing a need to keep borrowing costs elevated for longer amid disappointing inflation prints. Fresh data out Wednesday showed price growth excluding food and energy slowed for the first time in six months in April.

Read More: US Inflation Ebbs for First Time in Six Months in Relief for Fed

Kashkari, who doesn’t vote on policy this year, said he’s keeping a close eye on the housing market and its role in inflation. He also noted he had expected more of an impact on the economy given the current policy rate and current mortgage rates.

“It seems like there’s more resilience in the economy than I had expected,” Kashkari said. “So maybe because of some of these dynamics, these interest rates only really mean we’re putting one foot on the brake and not two.”

Investors currently expect about two rate cuts this year, according to futures markets. 

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