NEW YORK — Kansas City Federal Reserve President Jeff Schmid signaled on Thursday a reluctance to cut interest rates again as the US central bank comes into the new year facing a resilient economy and inflation that remains above its 2-percent target.
'We are currently pretty close to meeting our dual mandate of price stability and full employment' and, 'with inflation close to target and growth showing continued momentum, I believe we are near the point where the economy needs neither restriction nor support and that policy should be neutral,' Schmid said in the text of a speech to be delivered before the Economic Club of Kansas City.
'The remarks were Harker's first since last month's policy meeting when the Fed cut its benchmark overnight interest rate and trimmed the number of expected rate cuts for 2025, amid forecasts that see higher levels of inflation.Harker does not have a vote on the central bank's rate-setting Federal Open Market Committee this year and faces mandatory retirement due to Fed rules. He appeared to oppose any prospect of a rate cut at the central bank's Jan. 28-29 meeting.
Execs Indicate January Rate Pause
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