Fed's Evans calls to raise interest rates to 2.25% - 2.5% quickly

Federal Reserve Bank of Chicago President Charles Evans.

Evans is speaking on current economic conditions or monetary policy before the Money Marketeers of New York University, in New York.

Headlines via Reuters (bolding is mine):

• should raise rates to 2.25%-2.5% neutral range 'expeditiously'
• says he favors 'front-loaded' interest rate hikes
• after front-loading rate hikes, hopeful we can transition to more measured pace
• measured pace would give time to monitor supply chains, evaluate impact of tighter policy
• may need to take policy 'somewhat' above neutral to achieve 2% 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 goal
• inflation is clearly much too high
• modestly restrictive stance will still be consistent with growing economy
• US. economic momentum 'strong,' labor market 'downright tight'
• expect substantial deceleration of core inflation as pandemic-related price pressures ease
• monetary policy has critical role in addressing broad-based runup in prices, keeping expectations in check

Fed Chair and Evans' boss Powell was on the speaking circuit on Tuesday US time also:

• ICYMI - Powell: “We need to see inflation coming down ... Until we do, we’ll keep going.”