Fed-Schmid: Politik könnte entgegenkommend sein, nicht restriktiv — Wir haben Arbeit vor uns

Rymond Inc · 2026-08-27T12:00:52.000Z

Der Präsident der Federal Reserve Bank von Kansas City, Jeff Schmid, der 2026 kein stimmberechtigtes Mitglied des Federal Open Market Committee (FOMC) ist: Kansas City rotiert seinen Sitz mit Minneapolis und San Francisco und bleibt in diesem Jahr draußen. In Jackson Hole versetzte Schmid der geldpolitischen Haltung einen hawkischen Dämpfer und sagte gegenüber Bloomberg Television, dass die derzeitige Politik möglicherweise nicht einmal restriktiv sei. „Für mich denke ich, dass es am kurzen Ende möglicherweise entgegenkommend ist“, sagte Schmid. „Also haben wir Arbeit vor uns.“ Das ist ein bemerkenswertes Eingeständnis angesichts des vom Fed bevorzugten Inflationsmaßstabs, des PCE-Index: Dieser stieg im Jahr bis einschließlich Juli um 3,7% und liegt damit nahezu doppelt so hoch wie das 2%-Ziel der Notenbank. Schmid ging noch weiter und stellte sich damit auf die Seite der drei Amtsträger, die auf der Sitzung im Juli gegen eine Zinserhöhung gestimmt hatten:

Kansas City Federal Reserve President Jeff Schmid, who is not a voting member of the Federal Open Market Committee (FOMC) in 2026; Kansas City rotates its voting seat with Minneapolis and San Francisco, and sits out this year, delivered a hawkish jolt from Jackson Hole, telling Bloomberg Television that current policy may not even be restrictive.
"For me, I think it might be accommodative on the short end," Schmid said. "So we've got work to do."
That's a notable admission given the Fed's preferred inflation gauge, the PCE index, rose 3.7% in the year through July, nearly double the central bank's 2% target. Schmid went further, aligning himself with the three officials who dissented in favor of a rate hike at July's meeting:
"There were some of my colleagues who dissented at the last meeting, so I would probably put myself in that camp." 
Minutes from that gathering showed several non-voters also favored tightening, adding weight to the camp pushing for higher rates if inflation doesn't retreat. 
Turning to the political backdrop, Schmid dismissed any notion that the mid-term elections would sway policy. 
"When we get in that room, we can speak our truth about what we think the economy is doing, and I just don't think it enters into the equation," he said. 
He was equally direct in defending the Fed's credibility after Chairman Kevin Warsh's rocky July press conference triggered a bond market rebuke; Well, for me, I just don't see it," Schmid said, brushing aside suggestions the episode had dented the institution's standing. 
His comments came on the eve of the Fed's flagship Jackson Hole symposium in Grand Teton National Park, where attention now turns to Warsh's keynote address Friday ahead of the FOMC's Sept. 15-16 meeting and another gathering in late October, just before the midterms.
Key Quotes:Monetary Policy
For me, I think it might be accommodative on the short end. So we've got work to do.
Some of my colleagues dissented at the last meeting, so I would probably put myself in that camp.
Interest rates not restraining the US economy.
Unclear what Fed policy is currently restricting.
Inflation
Fed needs to get to 2% inflation.
Balance Sheet
It will take time to change the Fed's balance sheet.
Energy & External Risks
Energy shock is leaking into the economy.
Fed Transparency & Accountability
We get in that room, we can speak our truth about what we think the economy is doing, and I just don't think it enters into the equation. It certainly doesn't enter into my equation.
Midterms won't affect the Fed's October meeting decision.
There may be room to have fewer Fed meetings.