FILE PHOTO: Charles Evans, president of the Federal Reserve Bank of Chicago, poses for a photo in Palm Beach, Florida, U.S. January 17, 2018. REUTERS/Ann Saphir/File Photo
Evans said that when inflation is low, providing “too much accommodation” can help the U.S. central bank reach its inflation target sooner. In contrast, not acting strongly enough can cause inflation expectations to be anchored at low levels. Speaking to an audience of local politicians and business leaders, Evans stressed the importance of responding quickly to downside risks, making the case that the Fed could raise rates later if needed.“Engineering a modest overshoot of our inflation objective better guarantees that we would actually meet our inflation target in the future,” Evans said. “Any excessive overshooting could be controlled with modest rate hikes.
Because people really really want to pay more for the things they buy?
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