Kansas City Federal Reserve President Jeffrey Schmid said inflation is the most pressing risk to the U.S. economy, which has shown remarkable resilience.
In prepared remarks, Schmid noted inflation is still too high despite moderating from its peak.
He did not comment on interest rate outlook but his emphasis on inflation suggests he remains opposed to rate cuts while inflation is above target.
The U.S. economy grew in the first quarter driven by strong business investment and consumer spending.
Schmid noted unemployment remains low and the labor market is functioning effectively.
