Chicago Fed President Charles Evans, probably most dovish FOMC member, said “on the basis of inflation alone, I could feel confident in arguing for a couple of rate cuts before the end of the year.”

He said in a CNBC interview yesterday that “in order to get inflation up to 2.25% over the next three years, I need 50 basis points of more accommodation.” And, “maybe that’s not quite enough”.

Though, he also acknowledged that the economy is “doing well” and “we are ten years into an expansion.” But after missing the inflation target for a decade, “two and a quarter or a little bit more would be about appropriate.”

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