Chicago Federal Reserve Bank President Charles Evans said on Monday it was under...
HONG KONG - Chicago Federal Reserve Bank President Charles Evans said on Monday it was understandable for markets to be nervous when the yield curve flattened, though he was still confident about the U.S. economic growth outlook.
“We have to take into account that there’s been a secular decline in long-term interest rates,” Evans said in comments at the Credit Suisse Asian Investment Conference in Hong Kong, days after the Fed signaled an end to its tightening and abandoned plans for further rate hikes in 2019.. “Your first reaction is gonna ‘wow, this is less than what we had’ and I think this is missing the message.”On the monetary policy outlook, Evans said it was a good time for the U.S. central bank to pause and adopt a cautious stance, adding he did not expect any interest rate hikes until the second half of next year.
He added that with downside risks looming and uncertainties rife, it is prudent for the Fed to wait for more economic data and also said a cut was a possibility if the economy softened even more or inflation ran too low.
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