Fed's Evans: High prices will persist for longer than I thought, but won't be permanent

Chicago Fed President and FOMC member Charles Evans on Monday said that high prices in the US will persist for longer than he originally though, though will not be permanent, reported Reuters. The Fed has to reposition itself in its response, he said, noting that supply chain pressures are more intense than he had expected. 

Evans added that by the end of the year, the Fed will know a lot more about how persistent inflation is going to be and, hopefully, it will be receding. Moreover, by the end of the year, the Fed will be able to make choices about more or less restrictive policy, he commented.