Charles Evans, Interview: CNBC International TV

“Again, I still believe that our consensus, the median forecaster to get to the peak funds rate, assuming by March, assuming there are no further adverse shocks, and if things get better, then we could perhaps do less. But I think we’re headed for that peak funds rate, and that offers a path for employment stabilizing at something that still is not a recession. But there could be shocks, there could be other difficulties. Goodness knows, every time I’ve sort of thought the supply chains were going to improve, that we’re going to get auto production up and used car prices down, and housing and all of that, something has happened, so cautiously optimistic.”

“We had a Federal Open Market Committee last week and the consensus is really very strong that inflation is high. Getting inflation under control in the US is job one. And so, increasing our policy rate is very important. We have certainly increased our federal funds rate target range expeditiously already. We’re at 3-3.25%, and the consensus median view for the end of this year is that the federal funds rate will be in the 4.25-4.5%. So there’s still a ways to go this year and a little bit more next year, according to the summary of economic projections that my colleagues and I put together.”