Fed official Schmid said inflation excluding energy remains well above 2% and is
broad-based across goods and services. Monthly core inflation in the six months
to June ran above the pace consistent with returning inflation to target; on a
12‑month basis core inflation is 3.2%, roughly 0.5pp higher than in June last
year. While recent price pressures include supply shocks — shipping disruptions,
oil and tariffs — Schmid cautioned against blaming inflation solely on supply
factors, saying it reflects imbalances between supply and demand.
