Charles Evans, Interview: Economic Club of New York

“Well, because this is going to be a journey. Wait, we’re in zero or we’re 25 basis points off. And let me just say, you don’t want to estimate the SEP for neutral nominal federal funds rate is two and a quarter to two and a half. We got 200 basis points just to get neutral. And the median number of 25 basis points increases in the March SEP was seven. If we were to do a couple of 50 basis point increases as well as those 25s, if you had nine of those, that would get us after the December meeting to this two and a quarter to two and a half neutral ring. So, neutral is ahead of us.”