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Thank you for joining me today. It is an honor to be in the beautiful state of New Mexico, and in Albuquerque, one of the largest cities in the seven-state region that makes up the Federal Reserve’s Tenth District. The Federal Reserve’s regional structure, with 12 independent and locally rooted district banks spread across the country, is one of the most defining features of the nation’s central bank. These regional banks, including the Kansas City Fed, work alongside the Board of Governors, located in Washington, D.C., to set monetary policy and influence interest rates across the entire economy. This system of regional input in setting monetary policy, which is unique to the United States, ensures that a wide variety of voices and views, including yours, inform some of the most important economic decisions in our country. From Kansas City and our offices in Denver, Omaha, and Oklahoma City, the Bank engages with local communities, listening and collecting insights and data that shape policy. I personally find speaking to individuals about their economic lives to be one of the most enriching parts of my job, and I take every opportunity I can to travel throughout the district. Speaking of travel, I would like to b FED'S SCHMID SAYS APPROPRIATE TO KEEP RESTRICTIVE MONETARY POLICY WITH INFLATION CLOSE TO 3% FED'S SCHMID SAYS NOT SEEING EVIDENCE CURRENT LEVEL OF INTEREST RATES IS RESTRAINING ECONOMY SCHMID: FURTHER FED RATE CUTS COULD ALLOW HIGHER INFLATION TO PERSIST FOR LONGER FED'S SCHMID: PRODUCTIVITY IMPROVEMENTS COULD ALLOW FASTER GROWTH WITHOUT INFLATION, BUT 'WE ARE NOT THERE YET' - CURRENT INFLATION RATE INDICATES STILL-STRONG DEMAND IS OUTPACING IMPROVEMENTS IN SUPPLY

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This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations. Governing Council’s policy decision-making meetings began on January 20, 2026. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers and Deputy Governors Toni Gravelle, Sharon Kozicki, Nicolas Vincent, Rhys Mendes and Michelle Alexopoulos. Governing Council began deliberations by discussing recent data and developments in the global economy. Members reflected on recent geopolitical turbulence and what it meant for the outlook for global growth. While most major economies had proven resilient in the face of US tariffs, the prospects for global growth were vulnerable to unpredictable US trade policy and heightened geopolitical tensions. In the United States, strength in consumer spending as well as investment related to artificial intelligence (AI) contributed to stronger-than-expected economic growth. Members anticipated that consumption would remain robust due to wealth effects from strong equity markets and growth in real incomes from productivity gains. The US labour market had softened, with some weakness in hiring over recent months. Going forward, labour market conditions were expected to stabilize with solid growth in US gross domestic product (GDP). US inflation was being held up by the pass-through of higher tariffs to prices, but inflation was expected to ease gradually as the impact of tariffs on inflation fades. Nevertheless, members acknowledged that businesses might have been holding back on passing on the costs of tariffs to their cu BANK OF CANADA MINUTES SHOW MEMBERS AGREED TO MAINTAIN POLICY OPTIONALITY AHEAD OF THE JAN. 28 RATE DECISION, VIEWING THE POLICY RATE AS STIMULATIVE AMID HEIGHTENED UNCERTAINTY OVER GROWTH, POTENTIAL OUTPUT AND ECONOMIC SLACK. GOVERNING COUNCIL SAID THREATS TO FEDERAL RESERVE…