Kansas City Fed's Schmid Eyes Unemployment for Rate Cut Decision

Kansas City Fed President Jeff Schmid discusses the importance of analyzing unemployment data before making a decision on a potential interest rate cut at the upcoming policy meeting. Schmid emphasizes the need to act before inflation reaches two percent, highlighting the significance of sustainable economic conditions.

In a strategic move, Kansas City Fed Bank President Jeff Schmid stated he is closely monitoring unemployment data to make an informed decision on an imminent rate cut. Schmid's comments came during an interview with CNBC at the Jackson Hole central bankers' conference.

'We've got some data sets to come in before September,' Schmid mentioned, referring to the next Fed policy meeting. 'It bears looking harder at it,' he said, emphasizing the importance of sustainable economic growth.

The U.S. central bank is anticipated to reduce its benchmark policy rate in light of positive inflation data and concerns regarding job market health. Schmid and his colleagues believe timely action is crucial before inflation hits the two percent mark.

(With inputs from agencies.)