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Central Banks

Fed Headed for 4.5%-4.75% Interest Rate by Early 2023, Evans Says

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The Federal Reserve’s benchmark interest rate will probably be at 4.5% to 4.75% by next spring as central bank officials worry about high core inflation, Chicago Fed President Charles Evans said.

“We have to look at the momentum in sort of that central component of inflation, and that’s really the part that I believe has most of my colleagues and myself nervous,” Evans said Thursday at a meeting of the Illinois Chamber of Commerce. “We look to me, according to our reports, headed for 4.5% to 4.75% by sometime next year -- which, given how fast we’ve been raising interest rates, is likely to be the springtime.”