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.

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.

Kansas City Fed President Jeff Schmid indicated on Thursday that he’s comfortable with pausing additional interest rate cuts until there’s a substantial change in economic conditions. “With inflation close to target and growth showing continued momentum,