Fed's Schmid, Goolsbee Warn About Inflation (Connecting the Dots: Austan Goolsbee, Jeffrey Schmid, The Commercial Club of Chicago, The Economic Club of Washington, The Federal Reserve Bank of Chicago, The Federal Reserve Bank of Kansas City & The Carnegie/Soros Network)
Newsmax.com
Thursday,
27 August 2026 10:58 AM EDT
Two
Federal Reserve officials Thursday shared their ongoing concerns about the U.S.
inflation outlook, as central bankers gathered in Jackson Hole, Wyoming for the
Kansas City Fed's closely
watched annual economic symposium.
Inflation
is "still stubborn and it's still sticky and we've got to continue to find
ways to break through" and get it back to 2%, Kansas
City Fed President Jeffrey Schmid said
on CNBC on the sidelines of the conference.
He
noted that the U.S. central bank's current 3.50%-3.75% policy rate did not
appear to be restrictive. "I don't know what we're restricting currently
with the rate policy that we're at today," Schmid said.
Schmid,
who had recently been in favor of raising rates to help bring inflation back
down to the Fed's 2% target, seemed to suggest that he would still favor such a
path, given his belief that monetary policy is not working to counter current
price pressures.
But
even so, when asked about the outlook for a rate hike at the Fed's September
15-16 policy meeting, he said, "I think we need a little bit more
information. What I'm trying to figure out is the demand side of what's driving
both growth and inflation."
Chicago Fed President Austan Goolsbee described the environment in which
inflation has been running above the Fed's target for more than five years as
partly "disturbing."
"Everybody
should be on edge, and I would say my biggest fear in the short run continues
to be that inflation is not under control," Goolsbee said on the Rapid
Response podcast.
"We
hear a lot about affordability and we better be mindful because if inflation
starts going up again, it's very hard to get rid of it," he added.
Goolsbee
noted that rises in energy costs tied to the war in Iran and the constant oscillation
in the Trump administration's tariffs are also a concern, as they're hitting
households at a time of unacceptably high inflation. He said there is a danger
the public could shift toward a view that above-target price pressures are not going
away.
The Chicago Fed chief, however, noted that the
recent three-month inflation trend "doesn't look terrible." Asked
about his outlook for interest rates, Goolsbee said the Fed's policy rate could
be lowered over time if there was evidence inflation was heading back to the 2%
level.
"If
you're a very interest-rate-sensitive industry, I would tell you, watch the
data" and "don't get so hyped up about what the market says"
about the monetary policy outlook, he told the podcast.
FOCUS
TURNS TO WARSH'S SPEECH
Schmid
and Goolsbee spoke a day after the government reported that the Personal
Consumption Expenditures Price Index, the central bank's main inflation gauge,
stood at 3.7% in the 12 months through July, matching the level seen in June
but down from the 4.1% year-over-year increase in May.
Economists'
reaction to the data was mixed, with some saying the sturdy reading argued for
a rate hike next month, while others said it kept tightening in play at some
point this year.
Futures
markets lean against an increase at the next meeting, but put strong odds of it
happening by the end of 2026.
Fed
Chairman Kevin Warsh is slated to speak on Friday at the Jackson Hole event.
Many hope he will share clues about the policy outlook, but those
expectations are tempered by the fact that the new U.S. central bank chief is
opposed to providing firm forward guidance about rates, and has even refrained,
amid mounting controversy, from explaining how he reaches monetary policy
decisions.
A
number of Fed officials have said in recent weeks that rate hikes are needed to
lower inflation, or at least signaled openness to that path.
In his
podcast remarks, Goolsbee also noted that a series of political attacks on the
Fed, a hallmark of President Donald Trump's relationship with the central bank,
"puts me on edge." In nations where political authorities interfere
with monetary policy choices, "inflation comes roaring back," he
said.
Connecting
the Dots:
Austan D.
Goolsbee is the president of the Federal Reserve Bank of
Chicago, was a director, Economic Recovery Board, council of economic
adviser’s chairman for the Barack Obama administration and a
distinguished senior fellow at the Center for
American Progress.
Open Society Foundations was a funder for the Center for American Progress.
George Soros is the founder & chairman for
the Open Society Foundations, was the chairman for the Foundation
to Promote Open Society and was a supporter for the Center for American Progress.
Foundation to Promote Open Society was a funder for the Center for American Progress.
Carnegie
Corporation of New York was a funder the Center for American Progress and a supporter for the American
Society for Muslim Advancement.
Andrew Carnegie was the founder of the Carnegie Corporation of New York.
Carol M. Browner is a director, senior fellow at the Center for American Progress and was the
energy czar for the Barack Obama administration.
Tom Daschle is
a director at the Center for American
Progress and was the nominee
for health and human services secretary for the Barack Obama
administration.
Ezekiel Emanuel is
a senior fellow at the Center for American
Progress and was the health
care policy adviser for the Barack Obama administration.
Lawrence H.
Summers is a distinguished fellow at the Center for American Progress and was the National Economic Council
chairman for the Barack Obama administration.
Cassandra Q. Butts was
the SVP for the Center for American
Progress and the deputy
White House counsel for the Barack Obama administration.
Philip J. Crowley was
the director of homeland security at the Center
for American Progress and the assistant secretary of state for
the Barack Obama administration.
Derek Douglas was
an associate director of economic policy at the Center for American
Progress and a special assistant for urban affairs for the Barack
Obama administration.
Bradley J. Kiley was
a VP for the Center for American Progress and the director of management and
administration for the Barack Obama administration.
Karen Kornbluh was
a visiting scholar at the Center for
American Progress and a
policy director for Barack Obama.
Jeanne Lambrew was
a senior fellow at the Center for American
Progress and the deputy
assistant to the president for health policy for the Barack Obama
administration.
Denis McDonough was
a senior fellow at the Center for American
Progress and the chief of staff; former deputy national security
adviser for the Barack Obama administration.
Esther M.
Olavarria was the director of immigration policy at the Center for American Progress and the deputy assistant secretary at
the U.S. Department of Homeland Security for the Barack
Obama administration.
Dan Restrepo was
the Americas Project director at the Center
for American Progress and a special assistant to the president
for the Barack Obama administration.
Gene B. Sperling was
a senior fellow at the Center for American
Progress and the assistant
to the president for economic policy for the Barack Obama
administration.
Todd Stern was
a senior fellow at the Center for American
Progress and the special
envoy for climate change at the U.S. Department of State for
the Barack Obama administration.
Melody C. Barnes was
the EVP for the Center for American
Progress, the domestic policy council, director for the Barack
Obama administration and Barack Obama’s golf partner.
Akin,
Gump, Strauss, Hauer & Feld, LLP was a funder for the Center for American Progress.
Vernon E. Jordan Jr. is a senior counsel for Akin, Gump, Strauss, Hauer & Feld, LLP, an honorary trustee at the Brookings Institution (think tank) and Valerie B. Jarrett’s great uncle.
Foundation to Promote Open Society was
a funder for the Center for American
Progress and the Brookings
Institution (think tank).
George Soros was the chairman for the Foundation to
Promote Open Society.
Carnegie
Corporation of New York was a funder the Center for American Progress, the Brookings
Institution (think tank) and a supporter for the American
Society for Muslim Advancement.
Andrew Carnegie was
the founder of the Carnegie Corporation of New York.
Cameron F. Kerry is
a fellow at the Brookings Institution (think tank), John F.
Kerry’s brother and a senior counsel at Sidley Austin LLP.
Barack Obama was
an intern at Sidley Austin LLP.
Michelle Obama was
a lawyer at Sidley Austin LLP.
R. Eden Martin is
counsel at Sidley Austin LLP and the president of the Commercial
Club of Chicago.
Newton N. Minow was
a senior counsel at Sidley Austin LLP, an honorary trustee at
the Carnegie Corporation of New York, a member of the Commercial
Club of Chicago.
Andrew Carnegie was
the founder of the Carnegie Corporation of New York.
Valerie B. Jarrett is a member of the Commercial Club of Chicago, Vernon E. Jordan Jr’s great niece, was the senior adviser for the Barack Obama administration and a board member for the Federal Reserve Bank of Chicago.
Gregory Q. Brown was the Chairman for the Federal Reserve Bank of Chicago and a member of the Commercial Club of Chicago.
Charles L. Evans is the president & CEO for the Federal
Reserve Bank of Chicago and a member of the Commercial Club of
Chicago.
William C. Foote is
the Chair for the Federal Reserve Bank of Chicago and a member
of the Commercial Club of Chicago.
Terry Mazany is
a member of the board of directors of the Federal Reserve Bank of Chicago and
a member of the Commercial Club of Chicago.
Frederick H.
Waddell is a member of the Board of Directors of the Federal
Reserve Bank of Chicago and a member of the Commercial Club of
Chicago.
Anthony K.
Anderson was a director at the Federal Reserve Bank of Chicago and
is a member of the Commercial Club of Chicago.
John A. Canning
Jr. was the chairman for the Federal Reserve Bank of Chicago and
is a member of the Commercial Club of Chicago.
Silas Keehn was
the president for the Federal Reserve Bank of Chicago and is a
member of the Commercial Club of Chicago.
Michael H. Moskow was
the president & CEO for the Federal Reserve Bank of Chicago and
is a member of the Commercial Club of Chicago.
Thomas J. Wilson was
a director at the Federal Reserve Bank of Chicago and is a
member of the Commercial Club of Chicago.
Valerie B. Jarrett
is a member of the Commercial Club of Chicago, Vernon E.
Jordan Jr’s great niece, was the senior adviser for the Barack
Obama administration and a board member for the Federal
Reserve Bank of Chicago.
Vernon E. Jordan
Jr. is Valerie B. Jarrett’s great uncle, a senior counsel
for Akin, Gump, Strauss, Hauer & Feld, LLP, an
honorary trustee at the Brookings Institution (think tank) and was
the president of the Economic Club of Washington.
Akin,
Gump, Strauss, Hauer & Feld, LLP was a funder for the Center for American Progress.
Cyrus
F. Freidheim Jr. is an honorary trustee at the Brookings
Institution (think tank) and a member of the Commercial Club
of Chicago.
Open Society Foundations was a funder for the Center for American Progress.
George Soros is the founder & chairman for the Open
Society Foundations, was the chairman for the Foundation to Promote
Open Society and was a supporter for the Center for American Progress.
Foundation to Promote Open Society was a funder for the Center for American Progress and the Brookings
Institution (think tank).
Carnegie
Corporation of New York was a funder the Center for American Progress, the Brookings
Institution (think tank) and a supporter for the American Society
for Muslim Advancement.
Andrew Carnegie was
the founder of the Carnegie Corporation of New Yor
David M.
Rubenstein is co-chairman for the Brookings Institution (think
tank), the president of the Economic Club of Washington a
co-founder & co-CEO for the Carlyle Group and Joe
Biden spent Thanksgiving with him.
Edward J. Mathias is
a director at the Economic Club of Washington and a managing
director at the Carlyle Group.
Jerome H. Powell (Jay) was
a partner at the Carlyle Group and the Chairman for the Federal
Reserve System.
Federal
Reserve Bank of Chicago is a bank in the Federal Reserve
System.
Austan D.
Goolsbee is the president of the Federal Reserve Bank of
Chicago, was a director, Economic Recovery Board, council of economic
adviser’s chairman for the Barack Obama administration and a
distinguished senior fellow at the Center for
American Progress.
Open Society Foundations was a funder for the Center for American Progress.
George Soros is the founder & chairman for the Open
Society Foundations, was the chairman for the Foundation to Promote
Open Society and was a supporter for the Center for American Progress.
Foundation to Promote Open Society was a funder for the Center for American Progress.
Carnegie
Corporation of New York was a funder the Center for American Progress and a
supporter for the American Society for Muslim Advancement.
Andrew Carnegie was
the founder of the Carnegie Corporation of New York.
PepsiCo, Inc. was
a funder for the Center for American
Progress.
Kimberly Cheatle served as Senior Director in Global
Security at PepsiCo. and was the 27th director for
the U.S. Secret Service. (President
Trump was shot in Butler under her leadership).
Michael H. Jordan was
the division chairman & CEO for PepsiCo, Inc. and an honorary
trustee at the Brookings Institution (think tank).
Larry D. Thompson is
the EVP of governmental affairs, general counsel & secretary for PepsiCo,
Inc. and a trustee at the Brookings Institution (think tank).
Vernon E. Jordan
Jr. is an honorary trustee at the Brookings Institution (think
tank), Valerie B. Jarrett’s great uncle, a senior counsel for Akin,
Gump, Strauss, Hauer & Feld, LLP and was the president of
the Economic Club of Washington.
David M.
Rubenstein is co-chairman for the Brookings Institution (think
tank), the president of the Economic Club of Washington a
co-founder & co-CEO for the Carlyle Group and Joe
Biden spent Thanksgiving with him.
Edward J. Mathias is
a director at the Economic Club of Washington and a managing
director at the Carlyle Group.
Jerome H. Powell (Jay) was
a partner at the Carlyle Group and the Chairman for the Federal
Reserve System.
Federal
Reserve Bank of Chicago is a bank in the Federal Reserve
System.
Austan D.
Goolsbee is the president of the Federal Reserve Bank of
Chicago, was a director, Economic Recovery Board, council of economic
adviser’s chairman for the Barack Obama administration and a
distinguished senior fellow at the Center for
American Progress.
Akin,
Gump, Strauss, Hauer & Feld, LLP was a funder for the Center for American Progress.
Vernon E. Jordan
Jr. is a senior counsel for Akin, Gump, Strauss, Hauer &
Feld, LLP, an honorary trustee at the Brookings Institution (think
tank), Valerie B. Jarrett’s great uncle and was the president
of the Economic Club of Washington.
David M.
Rubenstein is co-chairman for the Brookings Institution (think
tank), the president of the Economic Club of Washington a
co-founder & co-CEO for the Carlyle Group and Joe
Biden spent Thanksgiving with him.
Edward J. Mathias is
a director at the Economic Club of Washington and a managing
director at the Carlyle Group.
Jerome H. Powell (Jay) was
a partner at the Carlyle Group and the Chairman for the Federal
Reserve System.
Federal
Reserve Bank of Chicago is a bank in the Federal Reserve
System.
Carl T. Camden is
a trustee at the Committee for Economic Development and a
director, Detroit branch for the Federal Reserve Bank of Chicago.
Jeffrey A. Joerres is
a trustee at the Committee for Economic Development and a
director at the Federal Reserve Bank of Chicago.
Barbara B. Grogan is
a trustee at the Committee for Economic Development and was
the chair - Denver branch for the Federal Reserve Bank of Kansas City.
Federal Reserve Bank of Kansas City
is a bank in the Federal
Reserve System.
Letitia James is the chair for the Committee
on Economic Development and the Attorney General of New York.
Foundation to Promote Open Society was a funder for the Committee
on Economic Development and the Brookings Institution (think
tank).
George Soros was the chairman for the Foundation to
Promote Open Society.
Robert G.
Liberatore was a trustee at the Committee for Economic
Development and a director at the Economic Club of Washington.
Carol A. Melton was
a trustee at the Committee for Economic Development and a
director at the Economic Club of Washington.
Vernon E. Jordan
Jr. an honorary trustee at the Brookings Institution (think
tank), is a senior counsel for Akin, Gump, Strauss, Hauer
& Feld, LLP, Valerie B. Jarrett’s great uncle and was the
president of the Economic Club of Washington.
David M.
Rubenstein is the president of the Economic Club of Washington,
co-chairman for the Brookings Institution (think tank) a
co-founder & co-CEO for the Carlyle Group and Joe
Biden spent Thanksgiving with him.
Carnegie
Corporation of New York was a funder the Brookings Institution
(think tank) and a supporter for the American Society for
Muslim Advancement.
Andrew Carnegie was
the founder of the Carnegie Corporation of New York.
Edward J. Mathias is
a director at the Economic Club of Washington and a managing
director at the Carlyle Group.
Jerome H. Powell (Jay) was
a partner at the Carlyle Group and the Chairman for the Federal
Reserve System.
Federal
Reserve Bank of Chicago is a bank in the Federal Reserve
System.
Valerie B. Jarrett
was a board member for the Federal Reserve Bank of Chicago, the
senior adviser for the Barack Obama administration, is a member of
the Commercial Club of Chicago and Vernon E. Jordan Jr’s
great niece.
Vernon E. Jordan
Jr. is Valerie B. Jarrett’s great uncle, an honorary trustee at
the Brookings Institution (think tank), is a senior counsel
for Akin, Gump, Strauss, Hauer & Feld, LLP, and was the
president of the Economic Club of Washington.
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank) and the Center for
American Progress.
George Soros was the chairman for the Foundation to
Promote Open Society, a supporter for the Center
for American Progress and is the
founder & chairman for the Open Society Foundations.
Open Society Foundations was a funder for the Center for American Progress.
Carnegie
Corporation of New York was a funder the Brookings Institution
(think tank), the Center for American
Progress and a supporter for
the American Society for Muslim Advancement.
Andrew Carnegie was
the founder of the Carnegie Corporation of New York.
Austan D.
Goolsbee was a distinguished senior fellow at the Center for American Progress, a director,
Economic Recovery Board, council of economic adviser’s chairman for the Barack
Obama administration and is the president of the Federal
Reserve Bank of Chicago.
Akin,
Gump, Strauss, Hauer & Feld, LLP was a funder for the Center for American Progress.
Alan D. Feld is
a partner at Akin, Gump, Strauss, Hauer & Feld, LLP, and a
trustee at the Southern Methodist University.
Jeffrey R. Schmid
was the president of
the Southwestern Graduate School of Banking at Southern Methodist University
and is the president of the Federal Reserve Bank of Kansas City.
Jeffrey
R. Schmid
https://en.wikipedia.org/wiki/Jeffrey_Schmid
Jeffrey
R. Schmid (born
1958 or 1959)[1] is
the president of the Federal Reserve Bank of Kansas City.
He assumed office on 21 August 2023, succeeding Esther L. George.[2]
He previously was president of the
Southwestern Graduate School of Banking at Southern Methodist University,
held unspecified positions within the FDIC,[2] and was the CEO of Mutual of Omaha Bank.
Kirbyjon H.
Caldwell is a trustee at the Southern Methodist University
and was a director at the Children's Defense Fund.
Foundation to Promote Open Society was
a funder for the Children's Defense Fund.
George Soros is the chairman for
the Foundation to Promote Open Society.
Resources:
Past Research
Fed's
Goolsbee Sees Lower Interest Rates in a Year (Connecting the Dots: Austan D.
Goolsbee, Center for American Progress, The Federal Reserve Bank of Chicago,
The Federal Reserve System, The Commercial Club of Chicago, Jerome H. Powell
(Jay), The Carlyle Group, The Economic Club of Washington & Soros Funding,
All Networking) (Past Research on Austan D.
Goolsbee)
Saturday,
March 29, 2025
https://thesteadydrip.blogspot.com/2025/03/feds-goolsbee-sees-lower-interest-rates.html
Trump
Admin Signals Possible Cuts to Federal Support for Smithsonian (Connecting the
Dots: The Smithsonian, Nancy Pelosi, The National Museum of American History,
The National Zoo, The LGBT Community & The Carnegie/Soros Network) (Past Research on the Carnegie Corporation of New York)
Thursday,
September 3, 2026
https://thesteadydrip.blogspot.com/2026/09/trump-admin-signals-possible-cuts-to.html
The
New Ad Campaign: Why Pepsi Loves the President (Connecting the Dots: The Barack
Obama administration, The Center for American Progress & The Carnegie/Soros
Network) (Past Research on the Center for American
Progress)
Wednesday,
June 17, 2026
https://thesteadydrip.blogspot.com/2026/06/the-new-ad-campaign-why-pepsi-loves.html
Hours
After John Kerry Demands Green Transition Accelerated – His Emissions Closet
Swings Wide Open (Connecting the Dots: Cameron Kerry, John Kerry, Teresa Heinz
Kerry, Soros, the Climate Reality Project, the Brookings Institution (think
tank), the EPA and onto the FDA, Pfizer & Johnson & Johnson. It’s the
Network That Never Ends. One Project (Climate Change) Just bleeds into the Next
(Covid Project)) (Past Research on Cameron Kerry)
Thursday,
July 21, 2022
https://thesteadydrip.blogspot.com/2022/07/hours-after-john-kerry-demands-green.html
Pepsi
- Obama Logo Controversey (Connecting the Dots: PepsiCo, Inc., The Center for
American Progress, Barack Obama administration, The Carnegie Corporation of New
York & the Carnegie/Soros Network) (Past
Research on PepsiCo, Inc. & the Center for American Progress)
Saturday,
March 14, 2026
https://thesteadydrip.blogspot.com/2026/03/pepsi-obama-logo-controversey.html
Fed
Cuts Interest Rates in Divided Vote (Connecting the Dots: The Federal Reserve,
Jerome Powell, The Carlyle Group, The Economic Club of Washington, The
Commercial Club of Chicago, Austan Goolsbee, Letitia James & Soros Funding,
All Networking) (Past Research on the Federal
Reserve Bank of Kansas City)
Thursday,
December 11, 2025
https://thesteadydrip.blogspot.com/2025/12/fed-cuts-interest-rates-in-divided-vote.html
Filibuster's
end imperils Sebelius (Past Research on the Southern
Methodist University)
Monday,
November 25, 2013
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