Chicago Fed President Evans explains his dissent
Statement from Evans
Chicago Fed President Charles Evans voted against the latest rate hike, in a move that was somewhat of a surprise. He released his rational today.
"I thought the decision was a close one, and I carefully considered all of the arguments for and against raising rates," he wrote.
He said the decision ultimately hinged on inflation.
"I am concerned that persistent factors are holding down inflation, rather than idiosyncratic transitory ones. Namely, the public's inflation expectations appear to me to have drifted down below the FOMC's 2 percent symmetric inflation target. And I am concerned that too many observers have the impression that our 2 percent objective is a ceiling that we do not wish inflation to breach, as opposed to the symmetric objective that it really is."