Fed's Kaplan says inflation to remain muted, economy running out of workers

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Robert Kaplan, president and CEO of the Federal Reserve Bank of Dallas.

Mary Catherine Wellons | CNBC

Robert Kaplan, president of the Federal Reserve’s Dallas district, said low inflation is here to stay.

“It’s not that we don’t have any inflation…Inflation forces I think are going to be muted including technology,” Kaplan said Friday in an interview with CNBC’s Steve Liesman.

“Technology enables disruption and to some extent globalization. Businesses have less pricing power today and this comes through in corporate earnings report and it comes through in all my conversations,” Kaplan added.

His comments came after Federal Reserve Chairman Jerome Powell said Wednesday low inflation pressures are just “transitory,” hitting that a rate cut won’t be on the horizon. 

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