Fed's Evans: We do not expect we are finished with rate hikes

Chicago Fed President Charles Evans said on Wednesday that he does not expect that the Fed is finished with rate increases, as reported by Reuters.

Additional takeaways

"At the end of this year, I expect fed funds to be 3.25%-3.5%."

"I expect by end of next year rates will be 3.75%-4%."

"I expect fed funds rate to top out at 4%."

"We are in a good place on rates, can pivot to be more restrictive if needed, or not raise rates as much."

"We are well positioned for turns in the data over the next couple of months."

"It will be challenging to get inflation down."

Market reaction

The dollar stays on the back foot and the US Dollar Index was last seen losing 1.25% on a daily basis at 105.00.