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CNBC Exclusive: CNBC Excerpt: CNBC's Steve Liesman Sits Down with Chicago Federal Reserve President Charles Evans Today on CNBC's "Squawk Box"



Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Chicago Federal Reserve President Charles Evans. Following are links to the interview on and

All references must be sourced to CNBC.


October's a tough one. December, I think we need a couple of good labor reports and evidence of increasing growth – G.D.P. growth. And it's probably going to take a few months to sort that one out.


It's very difficult to feel confident in December, given that we're going to repeat part of what just took place in Washington. There was a lot of fiscal drama, which I think caught everybody's attention. Business people that I talked to are, you know, still concerned about how things are going to kind of play out. So, December will be pretty tough and we could you know, in fact, get more restrictiveness.


I have been surprised that the markets have not been able to look at our separate tools of quantitative easing and forward guidance. There's nothing that we have said about our forward guidance that should cause anybody to think that we're going to step back prematurely, that is before we hit 6.5% or even-- you know, we might go on longer than that. So-- but the markets had sort of only been paying attention to one element at a time, maybe half an element at a time and they become entangled.


I think Janet will be a great chairman. She has an awful lot of experience with monetary policy up close and personal. And I think we'll see a lot of continuity. And, you know, we'll be looking at the economic situation and the inflationary pressures as they present themselves. And respond accordingly.


I do think that we have in place the forward guidance on short-term interest rates that is capable of adding an awful lot of accommodation during those periods where things might be turning down because people would have confidence that we're not going to step back prematurely. That's our number-one risk, is that people think that we're going to step back and somehow add restrictiveness to the economy at all the wrong times. We've already seen that from other people. We don't need more of that.

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