Kansas City Federal Reserve Bank President Jeff Schmid said Monday that inflation remains above the Fed’s goal and backed current interest rate policy — even as the labor market cools and housing costs remain a key driver of inflation.

Speaking to the CFA Society Kansas City, Schmid said he voted in favor of the Fed’s September quarter-point rate cut but sees no need for aggressive easing.

“Constraints lead to difficult decisions over how to balance competing objectives, and the Fed has been tasked with these difficult decisions when it comes to inflation and employment,” he said. “In balancing this constraint, details ⇒

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