April 14, 2024

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Chicago Fed President Charles Evans to retire in early 2023

Chicago Fed President Charles Evans to retire in early 2023

Chicago Fed President Charles Evans speaks during an event for the Global Connected Center members delegation in Mexico City, Mexico, February 27, 2020.

Edgard Garrido | Reuters

The Chicago Central Bank announced, Thursday, that Chicago Federal Reserve Chairman Charles Evans will retire from his position in early 2023.

Evans, 64, has been one of the more consistent dovish in Fed policy, or in favor of lower rates and more easing, and hasn’t explained why he is stepping down.

“It is a great honor to be Chairman of the Federal Reserve Bank of Chicago and a member of the Federal Open Market Committee for the past 14 years,” Evans said in a statement. “I have been honored to work with talented, dedicated and mission-oriented colleagues who are uniquely focused on serving the public interest, the Seventh Region and our nation. I am extremely proud of the work that our bank has accomplished.”

Evans joined the Federal Reserve Bank of Chicago in 1991 and has served in his current position since 2007. He helped develop the so-called “point chart” that the Federal Open Market Committee is now publishing to show participants’ views on appropriate monetary policy.

Federal Reserve Chairman Jerome Powell said: “Charlie has been an influential voice and seeing on the table making monetary policy for almost 15 years.” “It is the longest member service we have participated in the public service at the Federal Reserve Bank of Chicago for more than three decades. Brings Charlie constantly document analysis to the data, fixed and fellowship, and strong interest in the search for different points of view. It is an example of the best in public service “.

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Evans recently said he believes in the Fed’s current policy on interest rates “wrong” You will need to adapt. He said last month that the Fed should move toward a decidedly more neutral monetary policy by the end of the year.

To combat rising inflation, the Federal Reserve It began to raise interest rates This is expected to continue for the remainder of the year until 2023.

In 2012, the Fed adopted a conditional inflation targeting rule that Evans had championed, which states that the central bank will keep interest rates at least near zero until unemployment drops below 6.5% or inflation rises above 2.5%. The so-called Evans rule was subsequently removed in 2014 to exclude explicit limits in its guidelines.