Federal Reserve Bank of Kansas Chairman Jeffrey Schmid made a occasional appearance Wednesday, signaling potential pitfalls on the path to lower interest rates. The head of the Kansas Fed sharply criticized market participants who insist they are hoping and praying for interest rates to return to the near-zero levels that most financial segments have become accustomed to in the years following the global financial crisis in the mid-to-late 2000s.

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I won’t let enthusiasm for productivity gains trump data or commitment to the Fed’s goals.

I hope that productivity gains will outweigh the effects of slowing population growth and rising budget deficits.

The Fed’s rate cuts so far confirm growing confidence that inflation is on track to the 2% target.

Time will tell how much more the Fed cuts interest rates and where they might stabilize.

The baseline for interest rate costs appears to be higher than thought a year or two ago.