Minneapolis Federal Reserve President Neel Kashkari said the Federal Reserve can keep focusing on inflation control because the 10-year Treasury yield near 4.7% is not historically abnormal and shows no sign of U.S. Treasury market dysfunction. He said the central bank need not adjust policy for yield swings, even as government debt may exceed 40 trillion dollars. Kashkari highlighted that long-end yields reflect inflation expectations, fiscal supply, AI investment capital demand and term premiums, contrasting this with the Treasury's recent long-term repo operations to lower yields. He also noted risks from the collapse of U.S.-Canada trade talks and new tariffs, as well as rising Bank of Japan rate-hike expectations that could strengthen the yen and pressure capital flows. Kashkari's comments at this week's Jackson Hole symposium are expected to shape markets' view of global capital costs and Fed policy.