Chicago Federal Reserve Bank President Charles Evans said Friday that the central bank will keep interest rates near zero until late next year due to low inflation and high unemployment.
"I personally doubt that the funds rate is going to start to increase before the middle of 2015," he said at the Credit Suisse Asian Investment Conference in Hong Kong.
Evans said the current inflation rate of 1 percent calls for continuing policy accommodation. "When we get up to 2% inflation, we will revert to more normal monetary policy," he said.
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