You probably want to act before inflation hits 2%

Federal Reserve Bank of Kansas City President Jeff Schmid told CNBC on Thursday that the recently released revisions to labor market data do not change much, according to Reuters.

Key recommendations

“We’ve seen some cooling in the labor market, but overall pretty strong.”

“I still strongly believe that we need to get inflation back to the sustainable trend of 2%.

“There is still work to be done on this.”

“The unemployment rate bears taking a closer look at it.”

“I’ll let the data show where we go.”

“The last two or three prints on inflation have been quite positive.”

“You probably want to act before inflation hits 2%.

“Prices are not overly restrictive, we have to consider where we go from here.”

“Honestly, I think we have time to decide.”

Market reaction

The US dollar index is clinging to modest daily gains following the comments and was last seen up 0.2% at 101.35.