WASHINGTON — Kansas City Fed president Jeffrey Schmid said on Friday that he dissented against cutting interest rates this week out of concern that continued high inflation and signs of price pressures spreading in the economy could raise doubts about the central bank’s commitment to its 2% inflation target.

To the extent there is weakness in the labor market, the rationale for this week’s reduction in borrowing costs, Schmid said it “more likely than not” involves structural changes in technology and demographics not the state of underlying demand that, judging from healthy consumer spending and business investment, shows the economy still has momentum.

“I do not think a 25-basis point reduction in the policy rate will do much to address stress in the labor market,” Schmid said in a wri

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