- Schmid said core inflation rose 3.3% year over year, above the Fed's 2% target, and said the central bank still has work to do to bring inflation down.
- He said Q2 economic growth was 1.5% and unemployment was 4.1%, arguing it is unclear that current policy settings are restricting the economy.
- Schmid stopped short of endorsing a rate increase, saying he needs more information on the demand drivers of growth and inflation.
- He also supported considering a reduction in scheduled FOMC meetings to six annually from eight.
Quotes
“It's still stubborn and it's still sticky, and ... we've got to continue to find ways to break through.”
“I don't know what we're restricting currently with the rate policy that we're at today.”
“I think we need a little bit more information.”