Charles Evans, president of the Federal Reserve Bank of Chicago, said on May 17 that “the front loading [of interest rate hikes] is pretty much in process”.

Evans argued that the federal funds rate should be brought to a neutral level “expeditiously” due to “much too high” inflation. He said risks to employment are modest even if the Fed takes the expeditious approach.

US consumer price inflation was 8.3% in April, a small drop from 8.5% in March. The Fed’s target measure – personal