Fed's Schmid: wants to see more data before cutting rates

Fed's Schmid said he would like to see more economic data before supporting any decision to start cutting rates. Schmid acknowledged that inflation is moving in the right direction, while arguing that the Fed should remain patient. “It makes sense to me to really focus on some of the data in the coming weeks. Before we take action, at least before I take action or recommend action, I think we need to see more information.” “I still think we could see a slight pickup in demand if we're not cautious in our decision making.” And on yesterday's revised nonfarm payrolls release, he said, “While it's a big number, it doesn't really change my thinking when I think about monetary policy.