Schmid Supports Interest Rate Hike as Kansas City Fed President

Jeff Schmid, President of the Kansas City Federal Reserve Bank, has expressed support for the Federal Reserve's interest rate hike. He believes that rising oil prices and inflation, excluding energy, necessitate additional measures to curb inflation. Schmid stated at an event in Vail, Colorado, on the 18th that this rate hike is a step towards controlling high inflation. On the 16th, the Fed raised the benchmark interest rate by 0.25 percentage points to a range of 3.75% to 4.00%, a decision made unanimously. Schmid emphasized that inflation, excluding energy, remains at a high level, which does not align with the Fed's price stability goals. He mentioned that there is still work to be done by the Fed in response to inflation, and this action is a step in that direction. Additionally, he assessed that the labor market is stable and economic growth is robust. This rate hike marks the first increase in the benchmark interest rate by the Fed in over three years, with FOMC members unanimously deciding to raise rates.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.