Schmid Backs Rate Hike as Inflation Surpasses 3%

Kansas City Fed President Jeffrey Schmid has expressed support for a rate hike as inflation continues to trend above 3%. According to Schmid, 'recent data suggest inflation trending above 3%.'

Schmid believes that tightening policy is necessary to achieve the Federal Reserve's 2% goal, and notes that inflation has broadened across various goods and services. He also pointed out that outside of inflation, the economy is performing well, with a strong labor market and solid economic growth.