Fed's Evans says forward guidance has helped to boost growth

The Fed's Charles Evans has said that forward guidance has helped to boost GDP growth while the central bank was unable to to cut short term interest rates.

Evans believes that unemployment remains unacceptably high while headwinds continue to contribute to a weak economy.

He said that the use of monetary policy to combat financial instability would lead to below target inflation and greater resource slack. Evans stressed the importance of symmetry around the inflation target.