We have had "bad cop" Dudley and so now "good cop" Evans unleashes more uncertainty, confusion, and farce: *EVANS: BEST APPROACH IS FOR LATER LIFTOFF, GRADUAL TIGHTENING *EVANS SAYS `EXTRA-PATIENT APPROACH' TO TIGHTENING IS WARRANTED The reaction was very clear, Fed Funds Futures dipped to record lows for October (16%) and December (41%). And worse still, "dovishness" did nothing for stocks at all... Evans added: *EVANS SAYS `THERE IS NO PROBLEM IN MODERATELY OVERSHOOTING 2%' *EVANS: APPROPRIATE TO RAISE RATES VERY GRADUALLY AFTER LIFTOFF *EVANS SAYS HE SEES SUBSTANTIAL COSTS TO PREMATURE RATE LIFTOFF Charts: bloomberg