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Chicago Fed chief says inflation expectations would have to rise a lot more before he would get nervous.
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Chicago Federal Reserve President Charles Evans said Wednesday the "longer sweep" behind the recent rise in Treasury bond yields reflects a brighter economic outlook, joining his colleagues in putting less emphasis on the surge than some bond investors who are betting on inflation.
U.S. and German 10-year bond yields have climbed on signs of a successful vaccine rollout and a shift away from intense demand for safe assets, Evans told reporters after a speech. The yield rise may also reflect different thinking on inflation, he said.
"There are a lot of factors in play, but I think the outlook is on a positive trajectory and markets are pricing that in more than something else," he said.
"We are getting back to a good economic outlook, and the 10-year rate is going to adjust," he said. "It's a long ways to go where inflation expectations can improve in the right direction before I get nervous about it."