According to Chicago Federal Reserve President Charles Evans, the central bank remains committed to reducing inflation even if it means cutting jobs. Three weeks before the Fed is expected to approve its fourth consecutive 0.75 percentage point interest rate increase, the central bank official told CNBC he hopes to minimize economic damage. “Ultimately, inflation is the most important thing to get under control. That’s job-one,” Evans said during a live “Squawk on the Street” interview. “Price stability sets the stage for stronger growth in the future.” Markets will get a fresh look at producer and consumer price indexes later this week. Both have shown cost-of-living increases near their highest levels in more than 40 years.

On the employment front, the Bureau of Labor Statistics reported on Friday that nonfarm payrolls increased by 263,000 in September, with the unemployment rate falling to 3.5%, the lowest level since late 1969. However, Fed officials, including Chair Jerome Powell, have warned that they expect “some pain” from the Fed’s inflation-fighting efforts that could include higher levels of joblessness. “If unemployment goes up, that’s unfortunate. If it goes up a lot, that’s really very difficult,” Evans said. “But price stability makes the future better.” The Fed was criticized once again Monday by Cathie Wood, the founder of ARK Investment Management. In an open letter to policymakers, the ETF manager said she is worried that interest rate hikes are based on backward-looking data and could send the economy into a “deflationary bust.” Evans said he sees some signs that inflation is letting up as supply chain pressures ease. He advocated a policy stance where the Fed gets rates to a restrictive level, at which point it can monitor the impact. Evans is a nonvoter on the Federal Open Market Committee rate-setting and has said he is leaving his position early in 2023.