Kansas City Fed Chief Warns of 'Too High' Inflation, Seeks Further Rate Hikes

Kansas City Federal Reserve Bank President Jeff Schmid has stated that U.S. inflation remains 'too high' and additional monetary tightening is needed to curb upward price pressures.

In prepared remarks for a bank-hosted event in Omaha, Nebraska, Schmid noted that while the current U.S. economy is performing well, inflation is a notable exception.

The current policy rate level is insufficient to achieve the Federal Reserve's 2% price target, according to Schmid, who emphasized the need to pay attention not only to demand-side factors but also to supply-side shocks as drivers of inflation.