Schmid Kansas City Fed Chair Says Rate Hike Inevitable to Combat Inflation

Kansas City Federal Reserve Bank President Jeff Schmid has supported this week's Federal Reserve interest rate increase, stating that rising oil prices and sustained elevated non-energy inflation necessitate further measures to curb inflation. According to Bloomberg, Schmid outlined in his prepared remarks for a conference in Vail, Colorado on Thursday that the Fed's rate hike was an essential step to address high inflation.