In 2017 Neel Kashkari, President of the Federal Reserve Bank of Minneapolis and member of the FOMC, explained why he dissented and voted against raising interest rates as follows: "We have seen a meaningful drop in the unemployment rate since the Fed- eral Open Market Committee (FOMC) voted to increase rates in March, from 4.7 percent to 4.3 percent. That drop in unemployment suggests that we are getting closer to maximum employment, which by itself would have supported an increase in rates this week. But at the same time the unem- ployment rate was dropping, core inflation was also dropping, and inflation expectations remained flat to slightly down at very low levels. We don't yet know if that drop in core inflation is transitory i.e., a fluctuation . In short, the economy is sending mixed signals: a tight labor market and weakening inflation." Was the decision of the Fed to raise interest rates expansionary, contractionary, or neither? Assume that the Fed's target inflation rate did not change during this time. Briefly explain and support your answer with the appropriate equation(s)