Chicago Fed President ‘Somewhat Nervous’ About U.S. Economic Prospects

Saying he was “somewhat nervous about the economic recovery,” Chicago Fed President Charles Evans offered a tepid report Tuesday on the fragile state of the American economy during an appearance on CNBC.

Although the country has technically ended its recession, Evans said people are “kidding themselves” if they think the nation’s 9.1 percent unemployment rate isn’t consistent with recessionary rates.

Other notable comments during his appearance:

  • “The economy is growing, but it’s a very small positive,” Evans said. “We’re going sideways more than anything else.”
  • “You could argue we need to look for more data, but I don’t need to see a lot more to understand we haven’t achieved escape velocity.”

You can watch the complete report here.

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