The high rate of inflation will cool this year, said Chicago Fed President Charles Evans.
The high rate of U.S. inflation will cool to around a 2.5% rate by the end of the year, said Chicago Fed President Charles Evans on Thursday.“It will be coming down. I think its more likely to be 2.5% as measured by the personal consumption expenditure index,” Evans said, in a discussion about the outlook sponsored by the Milwaukee Business Journal.
“I readily admit – I have to be humble about this – I did not expect the inflation rates that we’re seeing and they have lasted longer than I expected. And because they have lasted longer, I know that we need to take action more quickly than I would have guessed last year,” he said. “By the end of the year, I think we’re going to be in a better position to see exactly how persistent and long-lasting the inflation pressures are,” Evans said.
In their speeches since the beginning of the year, Fed officials appear united on view of moving away from the easy policy stance adopted during the pandemic. Most are backing a rate hike as soon as March.
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