Charles Evans - Federal Reserve System

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Last quote by Charles Evans

It would be reasonable to have an amount that you would take out of the balance sheet each month that would be digestible for the Treasury.feedback
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May 12 2017
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Charles Evans is associated, including U.S. and Federal Reserve. Most recently, Charles Evans has been quoted saying: “Making sure that the path of the balance down is gradual but sufficient to get to a more normal level before too long, say within three to four years.” in the article Fed could trim balance sheet monthly over 3-4 years: Chicago Fed's Evans.
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Charles Evans quotes

It would probably take something pretty sizable to change my assessment that a December move is consistent with a shallow path. Even if you are a little more nervous in December than I am currently then you would still have the option of waiting until the next year. You'd have to feel more strongly that one rate increase in December was really the wrong path, and that would take a more negative implications than what I'm expecting or seeing.feedback

I see benefits to trying to engineer policy to allow for the strong possibility of inflation overshooting its target.feedback

I also think it would help to indicate that policymakers would be willing to accept the increased inflationary risk that might accompany further declines in unemployment.feedback

For risk management reasons, we need to make sure we hit our inflation objective at the same time we're at full employment.feedback

December could be an appropriate time to do it, but I don't see any urgency either.feedback

[It's] not anything that's going to lead to inflation moving up above 2 percent and I want to get to 2 percent.feedback

When the labor force is continuing to expand a little bit, that's a good sign. Wages going up a little bit, that's a good sign. But it's still not really consistent with labor market tightness.feedback

What the central bank needs to do is have a view point on whether or not fiscal policy is going to be stimulatory or contractionary on the economy over the next three to five years and then we have to decide if we need to take action to offset its effects on inflation.feedback

I have a forecast where things continue to improve. I do think there will be a rate increase.feedback

I am less concerned about the timing of the next increase than I am about the path over the next three years.feedback

This is one reason monetary policy is expected to normalize at a very gradual pace.feedback

The risk of overshooting our 2 percent inflation is lower - and the likelihood that we actually get to 2 percent is smaller.feedback

The low interest rate environment is not just a U.S. phenomenon, or simply a situation engineered by Federal Reserve policy.feedback

If necessary, we could normalize policy much faster than currently envisioned and still keep the pace gradual enough to avoid a disorderly change in financial conditions.feedback

Long-run expectations for policy rates provide an anchor to long-run interest rates. So lower policy rate expectations act as a restraint on how much long-term rates could rise following a surprise over the near-term policy path.feedback

While the fundamentals for U.S. growth continue to be good, uncertainty and risks remain. In my opinion, the continuation of 'wait and see' monetary policy response is appropriate to ensure that economic growth continues.feedback

Volatility is likely to arise more often. is one reason for the U.S. central bank to be "cautious" as it considers when to raise rates.feedback

I'm a little nervous about business fixed investment, [considering] the decline in energy and the fact that we produce energy more now. It's a different type of exposure than we faced 10 or 15 years ago. My assessment is the economy is going to be strong enough [and] we'll be raising rates two times this year. It could well be more if we do better.feedback

Accommodative policy continues to be appropriate. But it does have an upwards slope to it. If [the data] come in stronger, then everybody would adjust upwards.feedback

I would say the threshold for having confidence that inflation is sustainably moving up towards our 2 percent inflation target is pretty high. I'd be surprised if we met that condition, myself, in April.feedback

I think moving in June would be on the basis of further improvement in the labor market. [But] I don't think we want to get ahead of ourselves.feedback

From my perspective, the costs of raising the federal funds rate too quickly far exceeds the costs of removing accommodation too slowly.feedback

There's obviously more volatility in financial markets at the moment. How things will settle out is still a little unsure.feedback

I think appropriate policy is consistent with some of the most accommodative dots on the chart.feedback

We've indicated that conditions look like they could be right for an increase. The real side of the economy is looking a lot better.feedback

A very shallow funds rate path, such as the one envisioned by the median FOMC participant, is appropriate.feedback

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