Fed’s Kansas City President Says Rates Aren’t High Enough to Beat Inflation

Kansas City Federal Reserve President Jeff Schmid said Tuesday that monetary policy is not restrictive and that returning inflation to 2% will require tighter policy. His remarks came less than a week after the Fed held interest rates at 3.50%-3.75%, a decision that three officials opposed, favoring a quarter-point hike. Schmid Sees No Restriction in