By Ann Saphir

(Reuters). Chicago Federal Reserve Bank President Charles Evans indicated Tuesday that he was comfortable with a set of rate rises in 2015 that included two 50-basis point increases. By year’s end the setting is neutral. But Evans doesn’t see the need to increase rates any further.

After an Economic Club of New York event, Evans said that the Fed should look for signs of improvement in inflationary pressures. He also suggested that the Fed might need to increase rates if core inflation remains at 3.5%. I won’t be able make any judgment until next year, and maybe not even this year.

Evans didn’t see the need to raise rates by half-points a month back. But inflation is on the rise, with consumers paying 8.5% more in March. The Russian war in Ukraine, COVID-19 limitations in China, and other factors, are likely to push inflation higher.