The economy’s “inherent resiliency” along with the accommodative monetary policy should help restore the economy to a stronger growth path Federal Reserve Bank of Chicago president Charles L. Evans said yesterday.

“I believe a relatively accommodative monetary policy is appropriate,” Evans said, according to prepared text of a speech he delivered before a Chartered Financial Analysts Society of Chicago lunch. “At 3%, the current federal funds rate is relatively accommodative and should support stronger growth. Indeed, because monetary policy works with a lag, the effects of last fall’s rate cuts are probably just being felt, while the cumulative declines should do more to promote growth as we move through the year.”

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