A top Federal Reserve official has said the US central bank is “pretty close” to meeting its objectives on inflation and employment, underscoring investor expectations that policymakers will refrain from sharp interest rate cuts this year.
Jeff Schmid, the president of the Kanas City Fed who will become a voting member of the central bank’s policy-setting committee this year, on Thursday said he is “optimistic about employment and the strength of the economy”, and that inflation will continue easing in coming months.
“My read of the data is that we are currently pretty close to meeting our dual mandate of price stability and full employment,” Schmid said in a speech at the Economic Club of Kansas City.
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