Kansas City Fed President Jeff Schmid says he is less optimistic about inflation than he was at the beginning of the year because of recent surveys showing consumers expect higher inflation. Import goods price hikes from tariffs might be transitory but “I am not willing to take any chances.” Full passage: “It could be argued that some of the factors driving up inflation expectations are likely one-off transitory developments, but again given recent experience, I am not willing to take any chances when it comes to maintaining the Fed’s credibility on inflation.”