Count Minneapolis Fed President Neel Kashkari as being firmly in the camp of those who believe the central bank can afford patience on interest rates.
In a somewhat unusual post Tuesday on publishing platform Medium.com, Kashkari said the economy has not reached the point in terms of inflation and employment that would necessitate aggressive monetary policy.
As a result, he joined his fellow voting members on the Federal Open Market Committee last week in voting to hold rates steady.
Judging from his analysis, it could be a while before he changes his mind.
"From a risk management perspective, we have stronger tools to deal with high inflation than low inflation," Kashkari wrote. "Looking at all this together led me to vote to keep rates steady."
Fed officials don't often post their thoughts on blogs.
They usually express their thinking first through the policy statements that emerge from FOMC meetings, then from scheduled, individual speeches they present at formal venues.
Kashkari said he chose the Medium platform because the FOMC statements "can be somewhat difficult for the general public to decipher."
The rationale for his dovishness is fairly conventional — there's more room for improvement in the job market than the 4.8 percent unemployment rate suggests, and inflation measures and expectations both remain well-anchored at low levels.
"The bottom line is the job market has improved substantially, and we are approaching maximum employment," he wrote. "But we aren't sure if we have yet reached it. We may not have."