Charles Evans, Interview: Bloomberg TV

“Well, we’ve been discussing the state of the economy and inflationary pressures for quite some time, and the committee has definitely coalesced around moving off the effect of lower bound. We’ve already begun doing that, and, as Chair Powell said, we’re going to be moving expeditiously towards something much more like a neutral fed funds rate. My own assessment of neutral is in the 2.25% To 2.5% range for the federal funds rate. As the chair has said, we just did 50 and 50s are on the table for some period of time. I would expect, by the end of this year, it could be quite likely that we were at a neutral setting, and I think we would be very well positioned to address the future inflationary pressures of 2023. I’m expecting things to improve from the very high inflation that we’re having, but I do think that it’s going to take us some time to take care of this.”