Labor market seems roughly stableRecent inflation encouraging but too early to put too much weight on itInflation is proving persistent across a broad selection of goods and servicesInflation remains concerningInflation shocks are not intrinsically transient, disagrees the Fed should look through certain types of inflationSchmid has been a hawk for awhile so none of this is a surprise but the market is still pricing in a small chance of a July 29 hike. I think anything above 0% is too high because not even a guy like Schmid is in a rush to raise rates. This article was written by Adam Button at investinglive.com.