Minneapolis Federal Reserve Bank President Neel Kashkari. Photo by Roy Rochlin/Getty Images

Minneapolis Fed president Neel Kashkari and Dallas Fed president Robert Kaplan are both in favor of keeping U.S. interest rates at zero for years in an effort to help buoy the economy and spur inflation.

But, but, but: But the two dissented at the Fed's latest policy meeting because of disagreements about what should come next.

On one side: Kaplan told Reuters on Monday he's worried the Fed's promises of rock-bottom interest rates until inflation hits a target it has never hit since the Fed created an inflation target "would encourage in the shorter run more risk- taking and maybe create imbalances and instabilities.”

On the other side: Kashkari was "seeking stronger forward guidance," he said in a blog posted to the Minneapolis Fed's website.

  • He argued to more rigorously lock in low rates because the labor market is no longer functioning as it once did, citing the “historic worker shortage” (his quotes) seen in recent years that has really been an example of companies being unwilling to increase their wages to find workers.

What it means: "What we see now, in particular, is that the two views bracket, from opposite sides, the Committee consensus," Peter Ireland, an economics professor at Boston College and member of the Shadow Open Market Committee, tells Axios.

Go deeper

Dion Rabouin, author of Markets
Oct 20, 2020 - Economy & Business

Americans' trust in the Fed keeps falling

Data: Axios/Ipsos poll; Note: ±3.3% margin of error; Chart: Axios Visuals

Americans' trust in the Federal Reserve fell again in October, with just 34% saying they have a fair amount or a great deal of trust in the central bank in the latest Axios/Ipsos poll.

What's happening: While trust in the Fed rises with age, income level and among those who say they know more about the institution, there was not a single group where even half of respondents said they trusted the Fed.

Kendall Baker, author of Sports
22 mins ago - Sports

Locker Room wants to reinvent how fans talk sports

Courtesy: Betty Labs

Locker Room, a social audio app where fans can talk sports and spontaneously join live conversations, launches Tuesday on the App Store.

The state of play: The company behind Locker Room, Betty Labs, has raised $9.3 million in seed funding led by Google Ventures with participation from Lightspeed Venture Partners, Axios has learned.

Updated 46 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse. The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals. 13 states set single-day case records last week.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.