According to remarks on November 15 (local time), Jeffrey Schmid, president of the Federal Reserve Bank of Kansas City, stated that inflation is "excessively high" and signaled the need for policy rate increases. Speaking at the National Credit Union Management Association (NCUMA) conference in Hawaii, Schmid said inflation is "uncomfortably" above the Fed's 2% target and moving in the wrong direction. He emphasized that the Federal Reserve has the tools and responsibility to address inflation, contradicting the view that price pressures are beyond the central bank's control.

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