REUTERS: Fed's Evans sees year-end rates at 2.25%-2.5%, and then likely higher

Chicago Federal Reserve Bank President Charles Evans on Tuesday said the Fed could raise its policy target range to 2.25%-2.5% by year end and then take stock of the state of the economy, but if inflation remains high will likely need to hike rates further.

"Probably we are going beyond neutral -- I mean, that's my expectation," Evans said at the Economic Club of New York. Most Fed policymakers estimate neutral to be somewhere between 2.25% and 2.5%.

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