Fed's Schmid (2028 Voter, Hawk) says businesses are pausing on hiring

• Labour market is under a structural, not cyclical strain.
• He will miss J-Powell and been blessed to have him at the head.
• It's probably a good thing that the board of governors have more votes than the Fed presidents.

Schmid's comments reflect a hawkish perspective amid concerns about structural issues in the labor market rather than cyclical ones, suggesting potential implications for future hiring and economic growth. This underscores a cautious approach from the Fed, indicating interest rates could remain elevated longer if hiring trends don't improve, which may support the USD relative to other currencies during this uncertainty.