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9/27, 10:16 AM (Source: TeleTrader)
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Fed's Evans: Getting inflation under control is priority

President of the Federal Reserve Bank in Chicago, Charles Evans (pictured), assured on Tuesday that getting inflation under control is the current priority of the bank.

Commenting on the economic outlook and the Fed's mandate on CNBC Europe, Evans said the consensus on the federal funds rate is that it will reach 4.25%-4.5% by the end of this year, while at the same time stressing that the exact timing of the rate path is less important than the goal. "Financial responsibility is very important," he added.

His comments follow the 75 basis point rate hike and a clear indication by Chairman Jerome Powell that "a restrictive policy stance" is needed "for some time."

Baha Breaking News (BBN) / JG