PANews reported on November 14th that Federal Reserve Chairman Schmid stated: Further rate cuts could have a lasting impact on inflation. The cooling labor market may reflect structural changes. The Fed is more inclined to focus on the overall inflation rate when formulating policy. The Fed may also shift its balance sheet portfolio towards short-term securities. Inflation is overheating, the labor market is cooling, but overall it remains balanced. My concerns about inflation go far beyond tariffs. I will closely monitor the labor market for signs of more significant deterioration. Fed policy is slightly tightening, which is exactly what it should be. There is no room for complacency regarding inflation expectations. I support the decision to stop reducing the Fed's balance sheet. The reasons I voted against it in October still guide me until I make my decision in December. Financial markets and the real economy have not shown signs of excessive tightening.