PANews reported on May 14th that Federal Reserve Chairman Schmid stated on Thursday that inflation remains the biggest risk to the U.S. economy, but the economy has shown "remarkable resilience" in the face of numerous challenges, while the labor market remains generally stable. In prepared remarks at a banking conference hosted by the Kansas City Fed, Schmid said, "I believe that persistent inflation is the most pressing risk to the economy right now. While inflation has fallen significantly from its peak, it is clear from my conversations with business leaders in the 10th District that inflation remains excessively high." Schmid added, "Despite the many challenges facing the U.S. economy, it has also shown remarkable resilience. Geopolitical uncertainty continues. While the U.S. is less vulnerable to global energy disruptions than in the past, higher oil prices will still weaken household spending and push up business costs. However, even with these headwinds, the fundamentals of the U.S. and the 10th District economies remain robust."