Kansas City Fed’s Schmid Says Officials Still Have Work to Do on Inflation

Schmid's remarks matter less for what they reveal about a specific rate path than for what they signal about the tone inside the Fed: inflation is still framed as unfinished business, not a closed chapter. That framing carries over to crypto and tokenized real-world assets, which remain sensitive to the direction of US monetary policy and the availability of risk capital. With no timing or path offered, the open question is whether this caution is echoed by other officials in the weeks ahead.