Federal Reserve Bank of Kansas City President Jeff Schmid voted against the US central bank's decision to cut interest rates this week. “I do not think a 25-basis point reduction in the policy rate will do much to address stresses in the labor market that more likely than not arise from structural changes in technology and demographics,” Schmid said. “However, a cut could have longer-lasting effects on inflation if the Fed’s commitment to its 2% inflation objective comes into question.”

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