Fed's Evans:Inflation is very high right now, and at the top of mind for Fed

Soon to retire Chicago Fed Pres. Charlie Evans is on the wires saying:

• inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is very high right now, that's the issue that the top of mind for Fed officials
• there is good amount of strength in the US economy
• I suspect that it unemployment will creep up
• labor market is still good, and will be more challenging with higher interest rates
• we will bring inflation down through making policy restrictive
• we have to look at momentum of core inflation and that's what has us most nervous
• need a more restrictive seeing of monetary policy because inflation is high
• we have further the going rate hikes
• we are heading to 4.5% – 4.75% by springtime (NOTE the dot plot for 2023 was looking for 4.6% which is within that range)
• I believe balance sheet reduction will be completed within 3 years
• Fed will discuss 50 or 75 basis points at the next meeting
• Policymakers are looking for 125 basis point rate hikes over the next 2 meetings