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Fed President Throws Doubt Onto September Rate Cut Wall Street is Desperate For

August 12, 2024

The markets might be panicking about last week’s jobs report but Jeffrey Schmid, president of the Federal Reserve Bank of Kansas City, certainly isn’t. In fact, he believes the labor market is healthy.

Speaking at the Kansas Bankers Association annual meeting Thursday, Schmid didn’t drop any of the hints Wall Street analysts might be hoping for.

Namely, they want to see a growing sense of confidence among Federal Open Market Committee (FOMC) members that inflation is firmly on track down to the 2% benchmark, meaning the base rate will soon be cut.

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