Kansas City Fed President Signals Hawkish Stance, Wants Clear Evidence of Lower Inflation Before Considering Rate Cuts

• Fed's Schmid sees no need to preemptively cut interest rates with inflation still high • Wants to see convincing evidence that inflation is coming down before easing policy • Signals a hawkish stance much like previous Kansas City Fed presidents • Further moderation in demand may be needed to tame inflation • Favors continuing to shrink Fed balance sheet and not taking overly cautious approach