Fed’s Schmid Cites ‘Too High’ Inflation as Reason for Dissent

Federal Reserve Bank of Kansas City President Jeff Schmid said he dissented against the central bank’s decision this week to lower interest rates because inflation remains too high and the economy continues to show momentum.

• “I have not fundamentally changed my views on the economy relative to October,” Schmid says in a statement. Schmid also dissented against the Federal Open Market Committee’s decision to lower borrowing costs at policymakers’ Oct. 28-29 meeting
• “Inflation remains too high, the economy shows continued momentum, and the labor market — though cooling — remains largely in balance,” Schmid says. “I view the current stance ...