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The timing of the next phase of the Federal Reserve’s monetary policy will depend on the economic trajectory, Chicago Federal Reserve Bank President Charles Evans said on Thursday.

Additional takeaways

“Question of how to structure threshold-based forward guidance is more complicated than it was in 2012.”

“Would be comfortable with inflation at 2.5% under the new framework.”

“Summary of economic projections provides a lot of forward guidance.”

“Fresh Fed forecasts will likely indicate federal funds rate will be near zero for quite some time.”

“Monetary policy will have bigger role once US unemployment rate is down to 7%; for now, fiscal policy is most important.”

Market reaction

The US Dollar Index largely ignored these comments and was last seen gaining 0.1% on the day at 92.75.

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