Fed's Evans: Gradual, cautious approach to policy normalization is appropriate

In a speech before the Economic Club of Grand Rapids on Monday, Chicago Fed President Evans said that a gradual, cautious approach to policy normalization was appropriate.

Key quotes (via Reuters):

• Broadly comfortable lifting rates to 2.7 pct by end of 2019
• Fed needs clear signs of upward wage, price pressure before next rate hike
• Little in recent data to suggest inflation will soon rise to 2-pct target
• Should maintain policy accommodation until inflation on sustainable path to 2 pct
• U.S. economy close to full employment
• Concerned inflation expectations are too low