Fed's Schmid (2028 voter, hawk) says data suggests economy is doing well and inflation is too high and Fed is still trying to figure it out
- Most of higher prices peple are paying for energy are staying int he US economy.
- Big question for oil is how long prices stay high, that is a political decision.
- Biggest risk facing economy right now is inflation.
- The big question now is whether the Fed should stay patient on rates
- Issue is whether the Fed needs to raise rates to "tamp this thing down" and meet the inflation target
- The 2% target is easy to communicate, Fed should not blur message around that.
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