Fed's Kashkari says low inflation affords 'luxury' of low rates

Low inflation allows the Federal Reserve to keep US interest rates lower for longer in order to boost the economy and jobs, a top Federal Reserve official said.

"If we can keep creating jobs while inflation is in check, let's do that," Minneapolis Fed President Neel Kashkari said at a meeting with community activists and members of the black community in Minneapolis who were airing their concerns about low pay and high unemployment. "We can do our best to make the job market as strong as possible."