Chicago Fed President Charles Evans on Wednesday said that its not the case that inflation will fall back to 2.0% next year, reported Reuters. However, there is good reason to think that special factors that are causing high inflation will stop going up, he noted. The timing for monetary policy can be sensible in dealing with inflation, he added before reiterating that the Fed will lift interest rates to neutral by the end of the year and will probably thereafter end up with a restrictive stance. 

His comments on Wednesday come after he pushed back against the idea of a 75 bps rate hike on Tuesday.