Two Fed Officials Warn: Current Rates May Still Be Too Loose, Inflation Pressures Persist

Kansas City Fed President Schmid said the current short-end rate level "may be in an accommodative range" and bluntly stated "we still have work to do." Cleveland Fed President Hammack said the same day that the current rate level is not restrictive enough for the economy to bring inflation down on its own, and policymakers should "act now."