Fed's Schmid (2028 Voter, Hawk) says continued inflation is the most pressing risk to the economy, clear that it is still too high

US economy has shown remarkable resilience and economic fundamentals remain sound. Economy less vulnerable to global oil disruptions. Higher oil prices are draining household spending power and raising business costs. Job market is functioning effectively. Consumer spending still the biggest driver of activity. Business investment remains strong, especially in tech and AI buildout.