Fed’s Schmid: Continued inflation is the most pressing risk to the economy
President of the Federal Reserve (Fed) Bank of Kansas City, Jeffrey Schmid, said on Thursday that continued inflation is the most pressing risk to the economy. During a speech at a banking industry conference, he stated that the US economy is less vulnerable to global Oil disruptions than in the past, but high Oil prices drain household spending power and raise business costs.
Key Quotes:
Continued inflation is the most pressing risk to the economy, clear that it is still too high.
The US economy has shown remarkable resilience and economic fundamentals remain sound.
The US economy is less vulnerable to global oil disruptions than in the past, but high oil prices drain household spending power and raise business costs.
The job market is functioning effectively.
Consumer spending remains the biggest driver of activity, wealth gains are leading many households to increase spending.
Business investment remains strong, especially in tech and AI buildout.
Conditions are fundamentally sound in the banking sector.”
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | 0.10% | 0.03% | 0.11% | 0.40% | 0.13% | 0.00% | |
| EUR | -0.12% | -0.04% | -0.11% | -0.02% | 0.22% | -0.03% | -0.12% | |
| GBP | -0.10% | 0.04% | -0.09% | 0.02% | 0.29% | 0.02% | -0.05% | |
| JPY | -0.03% | 0.11% | 0.09% | 0.06% | 0.35% | 0.08% | -0.04% | |
| CAD | -0.11% | 0.02% | -0.02% | -0.06% | 0.30% | 0.00% | -0.06% | |
| AUD | -0.40% | -0.22% | -0.29% | -0.35% | -0.30% | -0.26% | -0.31% | |
| NZD | -0.13% | 0.03% | -0.02% | -0.08% | -0.01% | 0.26% | -0.08% | |
| CHF | -0.01% | 0.12% | 0.05% | 0.04% | 0.06% | 0.31% | 0.08% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Agustin Wazne
FXStreet
Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.
