Fed's Schmid Says 'Wait-and-See' Approach Right For Rate Policy As Tariff Fallout Still Unclear
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Kansas City Fed President Jeff Schmid stated that a 'wait-and-see' approach is suitable for interest rate policy due to the unclear impacts of rising import tariffs on inflation and economic growth. He emphasized the Fed's ability to observe economic developments before making further rate cuts, maintaining the current target rate of 4.25%-4.5%. Schmid noted expectations of slower growth and higher inflation, with inflation projected to exceed the Fed's 2% target. The FOMC is set to meet on July 29-30, with two rate cuts anticipated by year-end.
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