Federal Reserve Bank of Minneapolis President Neel Kashkari on Friday said the Fed can not yet call the end of its rate-hiking cycle, even though the Labor Department's report of 150,000 jobs added in October signals the job market is slowing as desired.

"It gives us more comfort that the economy's moving back into balance, but I don't want to overreact to one job report," he said in Q&A at an Economic Club of Minnesota event. "Our forecasting hasn't been that great in the last few years. And so we just need to keep watching the actual data to see, are we actually making enough progress on our 2% target? It's too soon to call it."

Kashkari also said reasons for a rise in the Treasury yield curve are unclear. "We all have our various theories, but the big takeaway is none of us knows for sure, so lets not bet on any one explanation because we might get that wrong." (See: MNI INTERVIEW: 2024 Fed Hikes Possible On Fiscal Boost-Kaplan)