Evans spoke Friday to CNBC's Steve Liesman at the American Economic Association's meeting in San Diego. His comments come a few weeks after the Fed voted to hold its benchmark rate steady in a range of 1.5%-1.75%.
Chicago Fed President Charles Evans said Friday that interest rates should stay where they are as long as inflation remains subdued.
"We really need to keep our eye on inflation," the central bank official said. "And unless it starts to go up to something that is consistent with our 2% symmetric inflation objective, I think we are pretty well set for policy." In all, the policymaking Federal Open Market Committee reduced the overnight funds rate three times in 2019, in a pattern that officials deemed a mid-cycle adjustment and insurance against potential economic weakness both domestically and abroad.
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