Fed's Evans: Inflation to rise to 2.2% with no further rate cuts

Chicago Federal Reserve bank president Charles Evans crossed the wires in the last minutes arguing that inflation in the United States (US) could rise to 2.2% by 2021 even if the Federal Reserve refrained from making further rate cuts.

Evans added that in the current environment, the federal funds rate could inch up a little bit through the end of the forecast period. "Strong dollar usually puts downward pressure on inflation; that's something to take into account," Evans noted.

The US Dollar Index largely ignored these comments and is now up 0.12% on the day at 99.52.