The U.S. recovery is underway, but inflation is so low and unemployment is so high that the Federal Reserve's super easy monetary policy is still called for, Chicago Fed President Charles Evans said on Wednesday.
In a rare live appearance on CNBC, Evans said he sees inflation underrunning his 2 percent guideline for the next three years or more, and the recovery, while not faltering, is slow enough that it will take a number of years before unemployment reaches an acceptable level.
Still, if there is a need to adjust monetary policy in either direction, he said, I'll be there.
The Fed cut its target for overnight lending between banks to near zero in December 2008, and has vowed to keep rates exceptionally low for an extended period.
(Reporting by Ann Saphir, Editing by Chizu Nomiyama)