Fed’s Evans: Jobless Rate Won’t Fall to 6.5% Until Mid-2015

“The Federal Reserve has the appropriate policies in place right now and will remain accommodative until the economy improves, Chicago Fed President Charles Evans told CNBC in an interview on Thursday.

Evan said on “Squawk Box” he’s optimistic that the economy is improving, but the unemployment rate probably won’t get to 6.5 percent until mid-2015. The 6.5 percent target is what the Fed set as a goal for winding down its low interest rate policy. The latest jobless rate reading was 7.9 percent last month.

(Read More: Economy Adds Another 157,000 Jobs; Rate Up to 7.9%)

The Fed has not set any targets for how long it will keep going with quantitative easing (CNBC Explains), but Evans said the bond-buying program may need to continue for another six months to a year until “we’re clear the job market outlook has improved.” ”

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