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Chicago Fed president says central bank needs to generate stronger inflation overshoot
Food, medicine, electricity, gasoline, and other necessities of life apparently aren't expensive enough yet.
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By Matthew Boesler
Bloomberg News
Monday, September 27, 2021
https://www.bloomberg.com/news/articles/2021-09-27/evans-says-fed-needs-...
The U.S. central bank needs to keep monetary policy easy to raise the public's inflation expectations even after the current bout of inflationary pressures from supply-chain disruptions fades, Federal Reserve Bank of Chicago President Charles Evans said.
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"I do not think the supply-side-induced transitory surge in inflation we are seeing today will be enough to do the trick," Evans said today in remarks prepared for a speech at the annual National Association for Business Economics conference in Arlington, Virginia.
"I expect that we will need a period of sustained, monetary-policy-induced overshooting of 2% inflation to boost long-run inflation expectations enough to deliver on our mandated goals."
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