Fed Regional Chiefs Push Back on December Rate Cut, Endorse Modestly Restrictive Stance

Overview

• Dallas Fed President Lorie Logan said it would be very difficult to support another rate cut at the December FOMC meeting.
• Kansas City Fed President Jeffrey Schmid argued that policy should remain at its current, moderately restrictive level.
• Both officials said inflation remains elevated and stressed that their concerns go beyond tariff-related effects.
• Logan underscored the persistence of core inflation after more than four years without reaching the Fed’s 2% goal.
• Logan spoke at a joint Dallas–Kansas City Fed conference and, though an alternate this year, her bank holds a primary FOMC voting seat in 2026.