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2026-09-19 03:06:09
Kansas City Federal Reserve President Jeff Schmid expressed his support for this week's interest rate hike, arguing it was a necessary measure to curb persistently high inflation, as rising oil prices are not the only factor driving inflation. Schmid pointed out that even excluding energy, inflation "remains in overheated territory." He also mentioned that "a wide range of goods and services" have seen price increases that deviate from the Fed's price stability goal. "The Fed still has work to do in addressing inflation, and this week's move is one step towards that goal," Schmid said at an event in Vail, Colorado, on Friday. "Rising oil prices have consistently been a major driver of persistently high inflation, but we must be clear that the inflation problem we face is not solely energy-related." Schmid also revealed that the labor market appears to be in a state of equilibrium, and the overall economy is maintaining a robust growth momentum.
