Charles L. Evans

I believe that the history of Fed policymaking is that, you know, there are times when we need to raise rates.

If we were to underrun our inflation objective over a period of time that we tried to increase interest rates, I think that would be worrisome.

Paul Volcker is a tremendous hero with the Federal Reserve system and for the American economy. He took very tough actions and helped to break the back of double-digit inflation at a time when it had to be done.

When inflation begins to rise, that's a situation we know how to deal with. When the economy is not doing well, and we're stuck at zero, that's one we don't know so much about - or we know about it that it's bad.

If the national economy improves, Chicago will improve.