Charles Evans of Chicago Fed stated Tuesday that current levels of inflation will not last long and eventually fall below Federal Reserve targets.

Inflation by certain measures can be controlled running at a 30-year highEvans said to CNBC, that supply chain bottlenecks as well as other issues would subside and that price pressures would diminish.

“I am comfortable believing that these are high prices and that they will come down as supply shortages are resolved,” he said to Steve Liesman at CNBC during a live interview.Squawk BoxInterview. It could take longer than expected, it’s possible, it is certain. However, I believe that the price increases will not continue.

According to the Fed’s prefered gauge, inflation has reached 3.6% in the last few months. This is the highest level since early 1990s. There are other measures. such as the consumer price indexYou can expect inflation to heat up even faster.

Evans recognized that this is placing pressure on the economy.

This is definitely a problem for both households and businesses. This cuts into income and wages. That’s an issue. He said that they are monitoring it. This is not an issue of monetary policy, it’s an issue with infrastructure supply at the moment. So I think inflation will be coming down, and I think once it’s come down, we’re still going to be in a low interest rate … world.”

However, generally speaking the Fed indicated it had met the inflation part of its mandateThis level was well above the goal of 2%. The central bank will begin to gradually withdraw from the extraordinary support that it provided in the wake of the pandemic. a tapering of monthly asset purchases

Current projections by the Federal Open Market Committee indicate that interest rate hikes are unlikely to take place until after 2022. The FedWatch tool at the CME predicts that market pricing will see the first increase in interest rates either November or December next year.

Evans stated that he was in favor of tapering. However, Evans also said the Fed will soon face the change to maintain healthy inflation levels. This will likely mean keeping rates low.

He stated, “It is just putting difficulties on getting monetary policies to produce sustained inflation at or above 2% so that over the long-term we can average 2%.”