Fed’s Evans sees rates rising to 3.25%-3.5% by year-end

2022.08.10 19:21

FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans looks on during the Global Interdependence Center Members Delegation Event in Mexico City, Mexico, February 27, 2020. REUTERS/Edgard Garrido/File Photo

(Reuters) – Wednesday’s consumer price index report showing inflation didn’t accelerate in July was the first “positive” reading on inflation since the Federal Reserve began tightening policy, Chicago Fed President Charles Evans said at an event at Drake University in Des Moines, Iowa.

But inflation is still “unacceptably” high, and the Fed will continue to need to raise rates, he said, likely to 3.25% to 3.5% this year and to 3.75% to 4% by the end of next year.

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