Chicago Federal Reserve Chairman Charles Evans will retire from his post in early 2023, the central bank announced Thursday.
One of the Fed’s most consistent policy pigeons, or on the side of lower rates and more accommodation, Evans, 64, did not explain why he was stepping down.
“It is an honor to serve as chairman of the Chicago Fed and a member of the Federal Open Market Committee for the past 14 years,” Evans said in a statement. “I am privileged to work with talented, dedicated and mission-driven colleagues who focus on serving the public interest, the Seventh District and our nation. I am very proud of what our bank has done. “
Evans joined the Chicago Fed in 1991 and has been in his current role since 2007. They helped develop the so-called “dot plot”, the Federal Open Market Committee now has participants’ opinions on appropriate economic policy.
Fed Chair Jerome Powell said, “Charlie has been an influential and intuitive voice at the monetary policy-making table for nearly 15 years.” “He is our longest serving member and has been involved in public service at the Chicago Fed for over three decades. Charlie consistently brings data-driven analysis, imperfect collaborations and a keen interest in finding different perspectives. They are the best example in public service.
Evans recently said he believes the current Fed policy on interest rates is a “wrong move” and needs to be adapted. He said last month that the Fed should definitely move towards a more neutral monetary policy by the end of the year.
To cope with rising inflation, the Fed has begun raising interest rates and is expected to do so for the rest of the year and until 2023.
In 2012, the Fed adopted a conditional inflation targeting rule backed by Evans, saying the central bank would keep rates close to zero until minimum unemployment falls below 6.5% or inflation rises above 2.5%. The so-called Evans rule was later removed in 2014 to exclude a clear threshold in its guidance.