Fed should be explicit in spelling out gradual pace of rate hikes: Evans

The Federal Reserve should use the communication tools at its disposal at its December meeting to spell out a gradual pace of rate increases, Chicago Federal Reserve President Charles Evans said on Tuesday. The Fed has held interest rates near zero for seven years but is widely expected to begin tightening monetary policy at its next meeting on Dec. 15-16. Asked by reporters following remarks to a local business group in Michigan if the Fed should emphasize gradual rate increases in its December