Minneapolis Federal Reserve President Neel Kashkari said inflation remains too high across the U.S. economy and must return to the Federal Reserve's 2% target, even excluding volatile food and energy costs. He supported last week's unanimous quarter-point rate increase to a 3.75%-4.00% policy-rate range, after dissenting with two other officials at the prior meeting in favor of a hike. Kashkari said higher oil prices following attacks in the Strait of Hormuz cannot be addressed through interest rates, while the Fed has tools to curb broader inflation. Fed Chairman Kevin Warsh similarly said inflation was likely about 3.6% in August and that too many categories were rising more than 3% over six- and 12-month periods.