Regional Fed (Chicago) chief Evans

  • Searches for new Fed presidents will be a test for Fed's effort to lay groundwork for more diversity
  • have had substantial discussions with Chicago Fed board of directors on search for successor
  • bar is 'reasonably high' for changing pace of Fed's taper
  • we have time to be patient
  • do not see current rate of wage increases as indicating overly accommodative policy
  • by the spring we will know a lot more about the inflation outlook
  • if inflation expectations increase a lot, it would make sense to think about a 2022 rate hike