Fed's Evans: Good reason to think economy will do very well even as rates rise

Chicago Fed President Charles Evans on Tuesday said that there is good reason to think the US economy will do very well even as rates rise, reported Reuters. The Fed needs to be mindful of a possible wage-price spiral, he added, noting that Fed needs to monitor for this. 

Evan's remarks come after St Louis Fed President James Bullard reiterated calls for interest rates to hit 3.5% by the year's end and called inflation "far too high". Bullard also hinted he was open to a 75 bps rate move. His remarks have been attributed as adding fresh impetus to the ongoing global bond sell-off that saw US 30-year yields hit 3.0% for the first time since April 2019 on Tuesday.