Fed's Evans: Favors gradual rate hikes

Speaking about the economic outlook and monetary policy at the Prairie State College Economic Breakfast, Chicago Fed President Charles Evans favored gradual Fed rate-hikes and expected inflation to rise to 2% target area by 2019, albeit downside risks remain. 

Key quotes: 

   •   Need slow set of rate hikes to give economy adequate growth buffer in case of downside shocks
   •   Sees 2-2.5% growth for the next couple years due to fiscal stimulus
   •   Sees unemployment at 4.25% at end of 2019
   •   Willing to modestly undershoot on employment goal to make sure inflation doesn't get too high