Kansas City Fed President Schmid Cites Inflation Overshoot Risk, Flags Food Price Surge in June

Kansas City Federal Reserve President Schmid expressed concern over inflation overheating and remaining elevated above target levels for an extended period, citing risks of further acceleration in the coming months.

Inflation pressures extend beyond energy prices to a broad basket of goods and services, including food prices rising faster than pre-pandemic average levels. Schmid cautioned against viewing June's better-than-expected inflation data as a turning point, stating the Fed has yet to achieve its inflation target.