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MNI: Evans Backs Fed Hiking A Good Deal More, Staying Flexible

(MNI) Ottawa
(MNI)

Chicago President says FOMC showed flexibility last week after seeing inflation numbers.

Chicago Federal Reserve President Charles Evans on Wednesday supported hiking interest rates a lot further into "modestly restrictive" territory, and said last week's 75-basis-point hike was an example of the FOMC's need to remain flexible as fresh inflation data comes in.

"It will be necessary to bring rates up a good deal more over the coming months in order to return inflation to the Committee’s 2% average inflation target," Evans said in the text of a speech titled "A Stronger Policy Response to Restrain Inflation."

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Chicago Federal Reserve President Charles Evans on Wednesday supported hiking interest rates a lot further into "modestly restrictive" territory, and said last week's 75-basis-point hike was an example of the FOMC's need to remain flexible as fresh inflation data comes in.

"It will be necessary to bring rates up a good deal more over the coming months in order to return inflation to the Committee’s 2% average inflation target," Evans said in the text of a speech titled "A Stronger Policy Response to Restrain Inflation."

Keep reading...Show less