After lowering U.S. interest rates twice this year, the Federal Reserve has rese...
FILE PHOTO: Federal Reserve Bank of Chicago President Charles Evans participates in a moderated discussion in Zurich, Switzerland October 11, 2017. REUTERS/Arnd Wiegmann/File Photo
Evans, like many of his colleagues, had as recently as December thought that with unemployment near 50-year lows the Fed could raise rates to above 3% this year and still achieve its 2% inflation goal. “I concluded that the situation called for us to cut policy rates 50 to 75 basis points below the long-run neutral rate and then leave policy on hold for a time,” Evans said in remarks prepared for delivery in Frankfurt on Tuesday. “I think this more accommodative stance is needed to support a roughly similar growth outlook to what I had anticipated before and, importantly, to support moving inflation up with greater assurance to achieve our symmetric 2 percent goal within a reasonable time.
But rather than mark the start of an extended cycle of rate cuts, Fed Chair Jerome Powell has said the reductions represent a “midcycle adjustment” to policy designed to sustain the expansion.
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