Fed president throws doubt onto September rate cut Wall Street is desperate for

Jeffrey Schmid, president and chief executive officer of the Federal Reserve Bank of Kansas City, (Credit: David Paul Morris—Bloomberg/Getty Images)

The markets might be panicking about last week's jobs report but Jeffrey Schmid, president of the Federal Reserve Bank of Kansas City, certainly isn't. In fact, he believes the labor market is healthy.

Speaking at the Kansas Bankers Association annual meeting Thursday, Schmid didn't drop any of the hints Wall Street analysts might be hoping for.