Fed's Schmid: Probably want to act before inflation gets to 2%

Kansas City Federal Reserve Bank President Jeff Schmid told CNBC on Thursday that the recently published revisions to labor market data don't change a lot, per Reuters.

Key takeaways

"We've seen some cooling in labor market, but generally pretty strong."

"I still believe quite strongly that we have to sustainably trend inflation back to 2%."

"There is still work to do on that."

"Unemployment rate bears looking harder at it."

"I am going to let the data show where we go."

"Last two or three inflation prints were pretty positive."

"You probably want to act before inflation gets to 2%."

"Rates are not overly restrictive, room to consider where we go from here."

"I frankly think we have time to decide."

Market reaction

The US Dollar Index clings to modest daily gains following these comments and was last seen rising 0.2% at 101.35.