Fed’s Schmid Voted to Hike, Says Inflation Trending Above 3%

A lone vote for a hike matters less for what it does than for what it signals: that the easing path is not unanimous, and that the inflation debate inside the Fed is still live. The emphasis on broad-based price growth, rather than energy alone, undercuts the case for treating recent prints as noise. For crypto and RWA markets, the relevant channel is the rate path itself — a more contested disinflation narrative keeps the cost-of-capital backdrop unsettled. Whether other officials echo this dissent is the open question.