Charles Evans, Interview: CNBC

“Well, I think the high inflation environment, it came up pretty quickly. It’s been quite persistent. That’s certainly true, but it started off as a bunch of relative supply price increases. And so auto, motor vehicles went up a lot. So I think that it’s likely that the supply chain issues are working their way down. Now, the challenge is that demand is still stronger than the limited supply that we have, and so our restrictive monetary policies are geared towards getting demand more in line with the reduced supply at a time when I’m also hopeful that supply is going to start expanding because of the improvement in the supply chains and things like that with labor hopefully coming back a little bit more.”

“So you put all those things together and I think that suggests that over the next six months we should see improvements in inflation. We’re going to have to see those improvements though, and so that’s the real challenge. We’re at a restrictive stance of monetary policy moderately. We’re headed for a much more restrictive stance before very long and I think the issue is going to be, can we find the right restrictive stance so that the FMOC can sit there for a while and let the data tell us more about how things are proceeding?”