Here’s a surprise headline from a regional Fed president:

“That’s not my most likely scenario, but I also can’t rule it out,” Bush bailout chief turned Minneapolis Fed president Neel Kashkari said yesterday.

Why the change of tune? As we’ve reported, the data shows inflation accelerating again in recent months.

Kashkari posted this on the Minneapolis Fed website to back up his point:

No wonder voters think prices are rising again – even the Fed thinks so. Here’s the latest from pollster David Winston: