Fed's Evans calls to raise interest rates to 2.25% - 2.5% quicklyFederal Reserve Bank of Chicago President Charles Evans.
Evans is speaking on current economic conditions or monetary policy before the Money Marketeers of New York University, in New York.
Headlines via Reuters (bolding is mine):
should raise rates to 2.25%-2.5% neutral range 'expeditiously'
says he favors 'front-loaded' interest rate hikes
after front-loading rate hikes, hopeful we can transition to more measured pace
measured pace would give time to monitor supply chains, evaluate impact of tighter policy
may need to take policy 'somewhat' above neutral to achieve 2% inflation goal
inflation is clearly much too high
modestly restrictive stance will still be consistent with growing economy
US. economic momentum 'strong,' labor market 'downright tight'
expect substantial deceleration of core inflation as pandemic-related price pressures ease
monetary policy has critical role in addressing broad-based runup in prices, keeping expectations in check
Fed Chair and Evans' boss Powell was on the speaking circuit on Tuesday US time also:ICYMI - Powell: "We need to see inflation coming down ... Until we do, we'll keep going."
Source: Fed's Evans calls to raise interest rates to 2.25% - 2.5% quickly (https://www.forexlive.com/centralbank/feds-evans-calls-to-raise-interest-rates-to-225-25-quickly-20220517/)
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