Mumbai, Sept. 26 -- Kansas City Fed President and CEO Jeffrey Schmid, who supported the latest Federal Reserve rate cut, said on Thursday that the current policy stance was appropriate to strike a balance between maintaining price stability and as an insurance against any substantial weakening in the labor market in the coming months.
Last week, the Federal Reserve lowered the federal funds rate by 25 basis points to 4 percent, which was the first reduction this year.
".setting policy appropriately is not just about where the economy is, but also, given lags in the effect of policy, about where the economy might be going," Schmid said in a speech to the Mid-Sized Bank Coalition of America in Dallas, Texas.
Schmid had supported the Fed's ...