Loading ...13:08 Chicago Fed President Evans maintains dovish position on monetary policy
Evans is “very uncomfortable with calls to raise the policy rate sooner than later” and continues to believe the Fed should err on the side of patience in reducing monetary accomodation
Once rates do increase, Evans believes the increases should be shallow in order to maintain the economy’s momentum
The economy is still underperforming both in terms of unemployment and inflation, according to Evans
Evans said the FOMC should have a great deal of confidence that they won’t be forced to backtrack on their moves and face another period at the zero low bound.
Evans has previously argued that the first tightening in policy should not come until the second half of 2015 or even early 2016.
Evans is an alternate FOMC member in 2014; will be a voting member in 2015
Prepared comments were made in a speech delivered today at the Peterson Institute’s Conference on Labor Market Slack, Washington, D.C.
Draghi says ECB will keep loose policy ‘for long time’: Reuters cited comments from ECB President Mario Draghi, who reiterated that the central bank will maintain its loose monetary policy for as long as it takes to push Eurozone inflation closer to the 2% level. He added that while ECB is determined to do whatever it takes to stimulate growth, it is essential that member countries also push through with reforms. He stressed that the risk of countries, such as France, doing too little is greater than the risk of doing too much.