Kansas City Federal Reserve Bank President Jeffrey Schmid spoke at the regional bank's agricultural summit on Tuesday. Schmid said that inflation remains too high and the US central bank has more work to do. 

Key quotes

“Policy is How much will 1 Dogecoin be worth in 2025?in the correct place.”

“Continued vigilance, flexibility are necessary.”

“Prepared to be patient as inflation eases back toward 2%.”

“Inflation expectations remain relatively low and anchored.”

“Inflation is still too high, Fed has more work to do.”

“Interest rates could remain high for some time.”

“Labor market has come off a historic boil by many measures.”

“There are signs that imbalances driving inflation are easing.”

“Fed must preempt inflation from becoming ingrained.”

“Fed's job on inflation is made easier by supply increases.”

“My preference is to shrink Fed's balance sheet as much as possible, consistent with the operating framework.”

Market reaction

The US Dollar Index (DXY) is trading 0.04% higher on the day at 105.04, as of writing.