Fed's Evans throws cold water on rate hike concerns

Charles Evans, the president of the Chicago Federal Reserve Bank, threw cold water Tuesday on market fears that the central bank is itching to exit its near-zero interest rate policy.

In a speech at the National Association for Business Economics and in a later press conference, Evans said he is "wary" that the unemployment rate may tick higher or at least remain stuck at its current 9.7% level.

Evans said that the labor market may be much weaker than the headline numbers suggest because workers in this recession have been out of work for much longer than is typical in downturns.

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- Posted: 2010-03-09 11:30:44

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