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Fed's Schmid (2028 voter) says he supported rate hike and recent data suggests inflation trending above 3%

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Fed's Schmid supported the recent rate hike as inflation trends above 3% across goods and services, while concurring with Chairman Warsh on drivers behind rising bond yields.

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Rate hike was a step towards returning to the 2% target. Current inflation problem 'not just about energy', price growth has been hot across a broad set of goods and services. Outside of inflation, the economy is performing well. Agree with Chairman Warsh's framework on why bond yields have gone up - economic growth, demand for capital from AI investment, geopolitical challenges

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