Fed Evans: Policy rate should continue higher, could sit higher for some time

Federal Reserve Bank of Chicago President Charles Evans, speaking with media after an event at the London School of Economics:

• Fed policy rate beginning to move into restrictive territory, but not now nearly restrictive enough
• A Fed policy rate of 4.5%-4.75% would be a good place to get to by the end of this year or March 2023
• Policy could sit at that target range 'for a time'
• There's good consensus the policy rate should continue to go up; at some point we will have to slow rate hikes a little bit
• We just really need to get inflation in check
• Financial market volatility can add to additional financial restrictiveness

He spoke earlier:

• Fed's Evans: I expect to to be at top Fed funds rate by March