Halloween Edition: When Inflation Haunts the Fed

Kansas City Fed President Jeffrey Schmid appeared on CNBC this morning to explain why he dissented on the 25bp rate cut yesterday and hinted he’ll likely do the same in December.

Schmid sees ghosts in inflation phantoms from the past that keep him up at night. He’s one of the few Fed members still haunted by old inflation fears, refusing to see the other shadows creeping in… like rising unemployment.

My take: The cure has become worse than the disease. This obsession with fighting yesterday’s inflation ghosts is hurting today’s real people especially first-time homebuyers trying to step into the market before the door slams shut.

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