01.12.201512:54:00UTC+00Fed's Evans: Hold Off On Rate Hike

A top Federal Reserve official said Tuesday he wants the central back to delay raising interest rates unitl the economy is on more solid footing.

Chicago Fed President Charles Evans sees the U.S. economy growing about 2.5 percent next year, enought to warrant only very gradual rate hikes once the Fed begins tightening.

A federal funds rate below 1 percent could be appropriate at the end of 2016, he added.

Evans delivered his remarks this morning at Michigan State University. The Fed meets December 15-16 to decide on monetary policy.

Most analysts think the Fed will offer a modest rate hike despite Evans' reluctance.