Fed Member: Inflation Continues
The President of the Federal Reserve Bank of Kansas City, Jeffrey Schmid, affirmed that inflation remains high and continues to resist monetary policies, with the Consumer Spending Price Index rising by 3.3% annually, surpassing the bank's target of 2%. He explained that economic growth at 1.5% and the steady unemployment rate of 4.1% make it unclear whether current interest rates, between 3.5% and 3.75%, are constraining economic activity, emphasizing the need for more data before making any decisions. Schmid also expressed openness to reducing the number of Federal Open Market Committee meetings from eight to six in order to improve the assessment of economic data.
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