Kansas City Fed's Schmid: Cutting rates could make inflation worse

Kansas City Fed president Jeff Schmid said Thursday he thinks inflation remains too high and cutting interest rates could drive it higher, eclipsing any benefit to the job market. "Right now, I see an economy that is showing momentum and inflation that is too hot," Schmid said in a speech in Kansas City. "Cutting rates could disproportionately harm the inflation side of our mandate without providing much benefit to the employment side … I don't think that monetary policy is currently very restrictive." ...