Fed’s Evans Rules Out Interest Hike

The United States Federal Reserve should not raise interest rates until inflation reaches the 2% target, President of the Federal Reserve Bank of Chicago, Charles Evans, said on Thursday, as cited by Reuters.

“I am hard pressed to think of reasons why we would need to move away from accommodative monetary policy unless inflation was well above 2% for an extended period of time, and the economy was just very different from what we are seeing right now.”

“I think it’s very important that we get inflation up to 2%. I’m looking for that to be a real problem over the next few years.”