Evans puts a timeline on the taper
- Would not be unreasonable if first rate hike was in mid-2024
- Not going to forecast victory on inflation until we've actually seen it move up
- Will have a better idea of recovery dynamics in the spring, or June
- Any change to QE depends on how economy evolves
This is the first time I've seen a Fed official put a timeline on a taper. The bond market likes that QE but at the same time, it's tough to sell anything when the Fed is talking about keeping rates zeroed until mid-2024.
