[BERKELEY, California] Chicago Federal Reserve Bank President Charles Evans on Wednesday voiced support for the Biden administration's proposed US$1.9 trillion economic stimulus package, saying he would rather risk a package that is too big than a smaller package that would mean a slower path to recovery. Read more at The Business Times.
U.S. President Joe Biden, centre, and Vice President Kamala Harris meet with Senate Majority Leader Charles Schumer (D-NY) and other Democratic senators to discuss his US$1.9 trillion American Rescue Plan in the Oval Office at the White House on Feb. 3, 2021 in Washington, DC. Photo by Pool /Getty Images
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Chicago Federal Reserve Bank President Charles Evans on Wednesday said the Biden administration’s proposed $1.9 trillion fiscal package would speed recovery and lift inflation, without being too much for the economy.
“I’m hard-pressed to see the size of this leading to overheating,” Evans told reporters after a talk at Oakland University. “Do we maybe get to our inflation objective sooner? I think we do.” (Reporting by Ann Saphir in Berkeley, Calif. Editing by Chris Reese)
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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) - Chicago Federal Reserve Bank President Charles Evans on Wednesday forecast a rapid economic rebound this year, but said monetary policy will need to remain super-easy to boost “too low” inflation, even as prices are expected to temporarily spike this spring.
“It will be critical for monetary policymakers to look through temporary price increases and not even think about thinking about adjusting policy until the economic criteria we have laid out have been realized,” Evans said in remarks prepared for delivery to the Oakland University School of Business Administration, in Rochester, Michigan. “So I see us staying the course for a while.”
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Chicago Federal Reserve Bank President Charles Evans said on Friday he is "comfortable" with the Fed's current pace of asset purchases and would likely be so for the next several months, until there's more clarity on the outlook for the economy.