Charles Evans, Interview: Economic Club of New York, published on Chicago Fed website

“The first step would be sort of you know, some turn around, further evidence of improvement along the lines of what you suggested, hinted at in the most recent inflation report, way to early, but if it did … the second stage would be dealing with that 3.0% and 3.5% (inflation at YE), by that time, we’re at neutral and to the extent we don’t see it (inflation) coming down, we’re going beyond neutral, absolutely.”