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8/10, 5:35 PM (Source: TeleTrader)
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Fed's Evans: July CPI report first positive sign

President of the Federal Reserve Bank of Chicago Charles Evans said on Wednesday that the inflation data that came out earlier in the day should be seen as the first positive report.

Speaking at Drake University, Evans predicted that the central bank will keep raising rates into 2023 and that core PCE inflation will drop and be near 2.5% that same year. The US economy will continue to grow in the second half of 2022 and it will expand by 1.5% to 2% the year after, according to the Fed official.

He underlined that he does not see a recession unless a surprisingly adverse event happens.

Baha Breaking News (BBN) / MS