[Federal Reserve's Schmid: Voted in favor of a rate hike, a step toward restoring the 2% inflation target] BlockBeats News, September 18, Federal Reserve's Schmid stated that voting in favor of a rate hike comes as recent data shows inflation trends exceeding 3%. The rate hike is a step toward restoring the 2% inflation target. The current inflation issue is not just an energy problem, as price increases remain 'red-hot' across a wide range of goods and services.