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FED: Context Ahead Of CNBC Appearances For Schmid and Harker

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  • We touched on recent remarks from Collins (’25 voter) earlier but note the above CNBC appearances from Schmid (’25, 0730ET) and Harker (non-voter, 1000ET). 
  • Schmid, who we see at the more hawkish end of the FOMC spectrum, said Aug 8 (post-payrolls, pre-CPI) that it will be appropriate to cut if inflation continues to come in low. The inflation target is close but “not quite there” and the labor market still appears broadly healthy with growth and demand still strong despite the July jobs report. 
  • Harker, more dovish leaning, last spoke some time ago on Jun 17 saying there wasn’t even close to a material deterioration in the job market (he’d have seen the u/e rate at 4.0% in May vs 4.3% as of Jul) but already acknowledging that upside and downside risks to policy were becoming more balanced. 
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  • We touched on recent remarks from Collins (’25 voter) earlier but note the above CNBC appearances from Schmid (’25, 0730ET) and Harker (non-voter, 1000ET). 
  • Schmid, who we see at the more hawkish end of the FOMC spectrum, said Aug 8 (post-payrolls, pre-CPI) that it will be appropriate to cut if inflation continues to come in low. The inflation target is close but “not quite there” and the labor market still appears broadly healthy with growth and demand still strong despite the July jobs report. 
  • Harker, more dovish leaning, last spoke some time ago on Jun 17 saying there wasn’t even close to a material deterioration in the job market (he’d have seen the u/e rate at 4.0% in May vs 4.3% as of Jul) but already acknowledging that upside and downside risks to policy were becoming more balanced.