Deutsche Bank analysts note that the Fed’s Evans repeated similar messages from his FOMC colleagues yesterday, saying that the Fed has engineered accommodative policy with a third cut.

“He also said that he is comfortable with 2.5% inflation in order to build momentum to get it sustainably to the Fed’s target of 2%. Later on, Williams said that monetary policy was “moderately accommodative”, and on the poor productivity release earlier, said that it is “just being consistent with a kind of ongoing longer-run trend of moderate productivity”.”