STORY: "The Fed is watching the consumer," Evans explained. "The consumer is the majority - 70% to three-quarters of the economy... they really want to see the consumer hurting. That's what it's going to take to bring inflation down, back down to 2%. I mean, you're at 8% inflation now and we're looking for 2%. That's a long road."
"If we're still talking about 8, 9% inflation next June, there's a real issue. That means the tools they've used have not stopped the problem," added Evans, referring to the Federal Reserve's massive rate hikes.
Evans said that when consumers stop making expensive purchases, "that is going to bring down inflation."