In a speech at the US Department of Agriculture's conference, Federal Reserve Bank of Kansas City CEO and President Jeff Schmid stated that "now is not the time to let down our guard" as inflation sits at a 40-year high.

Yahoo Finance senior Fed reporter Jennifer Schonberger breaks down Schmid's latest commentary and the Fed official's reaction to consumer prices and economic data. January's Personal Consumption Expenditures (PCE) index — the Fed's preferred inflation gauge — print is due out tomorrow, Friday, February 28.

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This post was written by Luke Carberry Mogan.