The Federal Reserve's most likely scenario is to keep interest rates on hold for a while, Minneapolis President Neel Kashkari said Tuesday, adding he could switch his dot plot forecast from two rate cuts this year to one or none.

The most likely policy stance now is "we sit here for an extended period of time" he said during a Milken Institute event, saying the U.S. economy also seems poised to “go sideways for a while.” It would take "multiple" reports showing progress on inflation to justify easing monetary policy, he said.

Kashkari said the two rate cuts called for this year in the March set of dot plots may not stick in the next round. “It’s possible I would stay at two, it’s possible I would go to one or even zero,” he said. “I know it wouldn’t be more than the two I jotted down in March.” (See: MNI INTERVIEW2: Fed To Cut Once At Most This Year- Ghamami)