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As the Fed enters 2025, in a strong economy with inflation still running above its 2% target, Kansas City Fed President Schmid, a voting member of the Federal Open Market Committee (FOMC), made statements indicating a cautious approach to monetary policy adjustments.
Speaking today at the Kansas City Economic Club, Schmid said interest rates may be approaching their long-run equilibrium.
“We are now very close to achieving the dual goals of price stability and full employment,” Schmid said. He noted that inflation is gradually moving toward the Fed’s goal, economic growth continues to accelerate and the labor market remains healthy, albeit weakened.
“With inflation running close to target and economic growth continuing to strengthen, I believe we are approaching a turning point where the economy requires neither restraint nor support, and policy should be neutral,” Schmid added. “Interest rates are likely to remain very close to long-term levels,” he said, signaling support for maintaining current rates.
“I support gradual adjustments to policy and will only respond if data trends indicate a significant shift,” Schmid said, signaling a>
“We need to be cautious in considering adjustments to policy rates,” Bowman said, advocating a measured,>