Expecting the Fed to begin the QE taper this year and end the program altogether by the middle of next year, the Chicago Fed's Charles Evans suggests the first rate hike could come in late 2015 as unemployment falls below 6.5%.
While these are his expectations, he stresses he still needs to see employment improve and/or inflation accelerate. Any changes will hinge on the data.
The somewhat hawkish outlook from one of the FOMC's leading doves is having little effect on Treasury prices which continue higher ahead of 8:30's employment report. The 10-year yield is at 2.96% after touching 3% in overnight trade. TLT +0.3% premarket.