Kansas City Federal Reserve President Schmid indicated that the current inflation rate, running at about twice the Fed's 2 percent target, is worrisome. He noted that inflation is persistent across a broad range of goods and services, and with the labor market stable, it remains the focus of monetary policy. While he did not explicitly endorse further rate hikes, he pointed out that elevated inflation is not transitory. Regarding this week's moderation in inflation indicators, he said it is too early to place excessive weight on a single data point, and with oil prices rising again, the sustainability of softer energy prices is uncertain. President Schmid does not hold a vote on the FOMC this year.