Comments from the Chicago Fed President:
- There's higher uncertainty on how long it will take for supply/demand conditiosn to normalize and reduce inflation
- Sees greater risks to inflation outlook than had seen last summer
- Uncertainties on outlook could lead Fed to delay or bring forward rate increases
- Stronger labor market will bring some retirees back to work
- Unemployment doesn't tell the whole story
- With covid cases down, there's more room for optimism
- Still have a ways to go until inclusive full employment
Evans is usually a good barometer of the core of the Fed and I'd say that's what we're hearing here. They continue to push back on inflation fears but are less-strident than in August.
