Minneapolis Fed President Neel Kashkari, speaking at a London event, emphasized the Fed's readiness to act based on data. Kashkari noted robust wage growth, a tight labor market, and the possibility of staying on hold indefinitely. He highlighted a temporary rise in the short-run neutral rate and policy restrictiveness. Kashkari expressed caution on commercial real estate risks and signaled a limit of two interest rate cuts in 2024. Options traders are betting on the Fed maintaining higher rates for longer.