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Evans Comments On Hikes With Inflation <2%

FED
  • The comment by Chicago Fed's Evans on the Fed potentially raising rates 'before average 2% inflation reached' (per BBG reporting) has boosted the USD, weakened equities and lowered breakevens. Evans is considered a Dove, and this kind of headline will only confuse the very dovish messaging Powell emphasized last week on forward guidance.
  • But Evans appears to have been emphasizing the flexibility in the new guidance and not advocating for hikes in such a scenario.
  • Ex-Fed economist Julia Coronado on Twitter: "Terrible headline! Evans acknowledged flexibility in the statement, that the inflation bogeyman still lurks in the minds of some on the FOMC, but NOT HIM. He prefers to run it hotter, not limit to a "timid overshoot""
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