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5/18, 3:55 AM (Source: TeleTrader)
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Fed's Evans expects inflation to hit 3% before 2023

Federal Reserve Bank of Chicago President Charles Evans said he expects inflation in the United States to stand at 3% or even below the figure as early as next year.

He went on to call for the Fed to "quickly" raise interest rates to 2.25% - 2.5%, adding that he expects the central bank to start talking about transitioning to 25 bps hikes by July or September meeting. "By December we'll have many more data points on inflation," said the official.

In April, inflation in the US stood at a 8.3%, according to the country's Bureau of Labor Statistics.

Baha Breaking News (BBN) / NL