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Fed Evans: Inflation still unacceptably high, rates to rise to 3.5% by year end

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Chicago Fed President Charles Evans said today’s CPI data was the first “positive” reading since Fed started tightening. Yet, inflation is still “unacceptably” high”. He expects Fed to continue to raise interest rate to 3.25-3.50% by year end, and to 3.75-4.00 by the end of next year.

Evans was optimistic that the economy will “continue to grow” in H2. “”I’m not looking for the economy to turn down in a significant fashion any time soon,” he added. He expected growth to be 1.5-2.0% next year.

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