Fed needs to get inflation down to 2%, Schmid says

March 3 (Reuters) - Kansas City Federal Reserve President Jeff Schmid on Tuesday said one big reason he feels so strongly about getting inflation down to 2% is the toll that high inflation takes on lower-income households.

"Inflation affects, in a really severe way, the bottom half of our wage earners, and I want to stay really sensitive to that," Schmid told the Economic Club of Colorado. He did not address the economic impact of the conflict in Iran in his speech or a lengthy question-and-answer session, though he did note that "we'll see what happens with some of the global political events that are going to happen."