Fed's Schmid says inflation is still too high, Fed has more work to do

Kansas City Federal Reserve Bank President Jeffrey Schmid, speaking at the regional bank's agricultural summit:

• Policy is in the correct place
• Continued vigilance, flexibility are necessary
• Prepared to be patient as inflation eases back toward 2%
• Inflation expectations remain relatively low and anchored
• Inflation is still too high, Fed has more work to do
• Interest rates could remain high for some time
• Labor market has come off a historic boil by many measures
• There are signs that imbalances driving inflation are easing
• Fed must preempt inflation from becoming ingrained
• Fed's job on inflation is made easier by supply increases
• My preference is to shrink Fed's balance sheet as much as possible, consistent with operating framework

Schmid not departing from the current script for Fed officials, "Interest rates could remain high for some time".