Kashkari, president of the Minneapolis Federal Reserve, reiterated his preference for a slower pace of interest rate cuts in the coming quarters. He backed the Fed's larger-than-usual rate cut last month but said he expected smaller cuts at future meetings. "At the moment I expect more modest rate cuts in the coming quarters to be near neutral, but that will depend on the data," Kashkari said, referring to the level of interest rates that neither stimulate nor restrain the economy. He said faster action would require "tangible evidence that the labour market is weakening rapidly".