Fed’s Evans: Rates Headed to 4.5 Percent–4.75 Percent by Spring of 2023

[Epoch-Times-Bot]

Fed's Evans: Rates Headed to 4.5 Percent–4.75 Percent by Spring of 2023

CHICAGO—Chicago Federal Reserve Bank President Charles Evans on Thursday said the U.S. central bank’s policy rate is likely headed to 4.5 percent–4.75 percent by the spring of 2023 as the Fed increases borrowing costs to bring down too-high inflation.
“We have further to go” on rate hikes, Evans said at an annual meeting of the Illinois Chamber in Chicago. “Inflation is high right now and we need a more restrictive setting of monetary policy.”
Inflation by the Fed’s preferred measure is more than triple its 2 percent goal, as strong demand from households eager to take part in a post-pandemic economy meets constrained supply from tangled global distribution networks along with other price pressures like those on energy and food from Ukraine’s conflict....

Source: Fed's Evans: Rates Headed to 4.5 Percent–4.75 Percent by Spring of 2023

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