Charles Evans, Speech: A Stronger Policy Response to Restrain Inflation

“In a nutshell, inflation is clearly much too high and monetary policy must be repositioned to bring aggregate demand and aggregate supply into balance. I support the quick removal of monetary accommodation that the Federal Open Market Committee (FOMC) has undertaken, increasing the federal funds rate 150 basis points since March and beginning to reduce the size of our balance sheet. And while the exact path forward for policy will depend on how the economy evolves, I expect it will be necessary to bring rates up a good deal more over the coming months in order to return inflation to the Committee’s 2 percent average inflation target.”