Fed's Evans: Optimistic will be able to avoid a recession

"We'll muddle through this year with positive growth but the unemployment rate likely to go up," Chicago Fed President Charles Evans said on Thursday and added that he was optimistic they will be able to avoid a recession, as reported by Reuters.

Additional takeaways

"The labor market is going to slow down."

"We are increasing interest rate expeditiously."

"Job one is to get inflation back to 2%."

"Worried about global economic slowdown, and Europe taking the brunt."

"Shouldn't be complacent about US prospects given global slowdown."

"I also worry about inflation expectations getting out of hand."

"I expect inflation will come down."

"Bringing job openings down usually means a recession, but it's different this time."

"Possible job openings can decline without a big rise in unemployment."

Market reaction

The dollar preserves its strength following these comments and the US Dollar Index was last seen rising 0.45% on the day at 110.10.