(Reuters) – The U.S. Federal Reserve should raise interest rates sensibly while it watches to see if inflationary factors recede. This was Charles Evans, Chicago Federal Reserve president.

Evans stated that he believes the timing of how monetary policies respond can be prudent, even though there is currently very high inflation. Evans spoke during a virtual interview with The Peterson Institute for International Economics.

Evans made the same comments on Tuesday. He reiterated his belief that the Fed would likely increase its policy range to between 2.25%-2.5% in the year-end. The Fed then will take stock of the economic state. However, rates could be increased further if there is high inflation.