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Three regional Fed presidents flagged persistent price pressures on Thursday, with Cleveland's Beth Hammack saying "now is the time to act"
Renovation work continues on the Marriner S. Eccles Federal Reserve Board Building, the main offices of the Board of Governors of the Federal Reserve System on December 9, 2025 in Washington, DC. (Andrew Harnik/Getty Images)
Three Federal Reserve officials used Thursday's opening of the annual Jackson Hole economic symposium to warn that inflation remains too high, with at least one calling for a rate increase and others leaving the door open to one before year's end.
Kansas City Fed President Jeffrey Schmid, speaking on CNBC from the Wyoming conference, described inflation as persistently resistant to the Fed's efforts and warned that bringing it to heel would not be easy. Schmid also raised doubts about whether holding the policy rate at 3.5% to 3.75% is exerting any meaningful brake on economic activity. "I don't know what we're restricting currently with the rate policy that we're at today," he said. Asked whether he would back a hike at the Fed's September 15-16 meeting, Schmid said he was still working to understand the demand-side forces behind current growth and price pressures before taking a stand.
