Kansas City Federal Reserve President Jeff Schmid signaled on Thursday a reluctance to cut interest rates again as the U.S. central bank comes into the new year facing a resilient economy and inflation that remains above its 2% target.

After the Federal Reserve cut its policy rate by 100 basis points in three meetings, Kansas City Fed President Jeff Schmid favors moving cautiously in further cuts. "With inflation close to target and growth showing continued momentum,

Federal Reserve Bank of Kansas City President Jeff Schmid said he favors slowing the pace of interest-rate cuts and only after a persistent change in incoming economic data.