Off The Wire
Fed's Evans: Current interest rate would not withstand shock
NEW YORK (Reuters) - Chicago Federal Reserve President Charles Evans said on Wednesday that the current level of interest rates has helped the U.S. economy but is not enough should there be a future shock.
“In terms of the mid cycle adjustment, I would say it’s very much a risk management approach to ensuring the U.S. economy is positioned as well as it can be,” Evans said during an event at the Council of Foreign Relations in New York. “Our adjustments have not been anywhere large enough to change the dynamics substantially if there was a big negative shock, we have to respond.”
Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama