Chicago Fed Pres. Evans is speaking and says:
- Labor markets are tight, inflation is high
- The labor market is going to slow down
- we are increasing interest rate expeditiously
- job one is to get inflation back down to 2%
- expects US GDP growth to be about 1/2% this year
- we'll muddle through this year with positive growth, unemployment rate likely to go up
- optimistic will be able to avoid recession
- what about global economic slowdown and Europe taking the brunt
- should not be complacent about US prospects given global slowdown
- also worry about inflation expectations getting out of hand
- I expect inflation will come down
