Fed's Evans says wants rates higher so will have room to cut

October 24, 2016 2:31 PM EDT

Chicago Federal Reserve President Charles Evans speaks at the Chicago Banking Symposium in Chicago, Illinois, United States, June 3, 2015. REUTERS/Jim Young

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CHICAGO (Reuters) - The U.S. Chicago Federal Reserve Bank President Charles Evans on Monday said he would like interest rates to eventually rise from where they are now so the Fed will have the room to cut rates to stimulate the economy if hit by a shock.

The U.S. central bank does not have the authority to buy corporate bonds or take other extraordinary monetary easing methods used by the European Central Bank and elsewhere, he said.

(Reporting by Ann Saphir; Editing by Chris Reese)

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