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Fed's Evans favors gradual approach to monetary normalization

Charles Evans, president and CEO of the Federal Reserve Bank of Chicago.
David Orrell | CNBC
Charles Evans, president and CEO of the Federal Reserve Bank of Chicago.

The U.S. Federal Reserve should adopt a gradual approach to normalizing its expansive monetary policy, U.S. central banker Charles Evans said on Wednesday.

"There is room for honest discussion later this year whether it is the right time to raise rates," Chicago Federal Reserve Bank President Evans told a Bloomberg event in Zurich. "The state of the economy is quite strong, unemployment low, the labor market is good.

"It makes sense to continue to increase policy gradually as we assess whether inflation is going to get to the 2 percent objective.