Cain and Todd Benson's Art.

By: Cain and Todd Benson's Art

Nov 17 2011

Tags: Cain and Todd Benson, charles evans, charles l evans, dove, federal bank of chicago, Federal Open Market Commitee, Federal Reserve, fomc, seventh district federal reserve bank

Category: Uncategorized

4 Comments

Charles Evans is part of the Federal Bank of Chicago, the Seventh District Reserve Bank and is on the Federal Open Market Commitee (fomc). I’m glad he’s on the Federal Reserve Board.

Evans has been a consistent voice on the Fed for doing more to stimulate the economy. He laid out his reasoning in a speech last month:
“With unemployment having lingered for so long at rates around 9 percent, it is perhaps natural that some would begin to think that nothing more can be done to improve upon this situation. However, I don’t agree…[T]hese are not ordinary times — we are in the aftermath of a financial crisis with massive output gaps, with stubborn debt overhangs and high degrees of household and business caution that are weighing on economic activity. As Ken Rogoff wrote in a recent piece in the Financial Times, “Any inflation above 2 percent may seem anathema to those who still remember the anti-inflation wars of the 1970s and 1980s, but a once-in-75-year crisis calls for outside-the-box measures.” The Fed has done a good deal of thinking out of the box over the past four years. I think it is time to do some more.”
The last dissent from the left on the Fed was from Boston Fed President Eric Rosengren, who has also said that “if the economy gets weaker and the inflation rate gets lower, we should be thinking about alternative policies.”

I think he’s right, and I’m predicting his arguement will play out.

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