Fed's Schmid Backs Rate Hike as Inflation Beyond Energy Runs Hot at 2% Target
Updated
Updated · Bloomberg · Sep 19
Fed's Schmid Backs Rate Hike as Inflation Beyond Energy Runs Hot at 2% Target
3 articles · Updated · Bloomberg · Sep 19
Summary
Jeff Schmid said he supported this week’s Federal Reserve rate increase, calling it a necessary step to curb still-high inflation.
Broad price pressures drove that view: Schmid said inflation excluding energy has also been running hot, with a wide range of goods and services posting gains inconsistent with the Fed’s price-stability goal.
His comments reinforce the case that policymakers see inflation as more entrenched than a temporary oil-price shock, keeping the focus on underlying price trends rather than energy alone.