Charles Evans, president of the Federal Reserve Bank of Chicago, said low inflation coupled with high unemployment is a justification for keeping benchmark interest rates low. "I think we will continue to have an accommodative-policy stance for quite some time," Evans said. However, Thomas Hoenig, head of the Federal Reserve Bank of Kansas City, reiterated his stance that rates should start increasing and reach 1% by the end of summer. The opposing views on monetary policy highlight a split emerging among central bankers.
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