Summary

Federal Reserve Bank of Kansas City President Jeffrey Schmid has warned that the current global energy shock cannot simply be dismissed as transitory, given already-elevated baseline inflation. Speaking at a conference in Iceland, Schmid pointed out that inflation has stalled near 3% and remained above the Fed's 2% target for a long time, making it challenging for the central bank to "look through’’ surging oil prices.

AI summaries can be wrong sometimes—always verify important details using the source article.