Fed's Schmid (2028 voter, hawk) says mid-terms will not affect the Fed's October meeting, does not see Fed's credibility as damaged in recent weeks; would probably have supported rate hike in July meeting

Policy Will take time to change Fed's balance sheet. May be room to have fewer fed meetings. Unclear what Fed policy is restricting right now. Fed will have work cut out for it as next meeting looms. Fed needs more information. Inflation Inflation is stubborn and sticky. Energy shock is leaking into the economy. Fed needs to get to 2% inflation.