Kansas City Fed’s Schmid Says Fed Has Not Yet Beaten Inflation

Schmid's framing of inflation as an undefeated enemy is notable less for new information than for tone: it keeps the policy debate anchored to price stability rather than to easing, even as markets look for signals in the other direction. As a regional Fed president, his voice matters mainly as a gauge of how much residual hawkishness persists inside the institution. Whether that rhetoric is echoed by other officials, or softened in upcoming communication, is the open question worth tracking.