Kansas City Fed's Schmid says inflation 'stubborn' and 'sticky,' policy rate not restrictive

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Inflation Persistence and Policy Response":"Schmid notes that inflation has been 'stubborn' and 'sticky,' indicating that it is persistent and difficult to control. He suggests that the current policy rate of 3.5%-3.75% is not restrictive on the economy, as the economy is growing at 1.5% and the unemployment rate is at 4.1%. Schmid also expresses uncertainty about whether a rate increase would be beneficial.","

FOMC Meetings and Policy Changes":"Schmid supports the idea of reducing the number of FOMC meetings from eight to six per year, as proposed by Chairman Kevin Warsh. He believes that this could provide more information about the demand side of the economy, which is crucial for understanding both growth and inflation.","

Historical Context":"Schmid mentions that he has voted against rate cuts twice in the past, but he is unsure whether he would support a rate increase now. He emphasizes the importance of having a comprehensive understanding of the economy before making decisions about interest rates."}