Chicago Federal Reserve Bank President Charles Evans said Monday that conditions seem right for a rise in interest rates, but he cautioned that with an improving economy, a major infrastructure-building program implemented purely to stimulate the economy could be ill-timed.
While inflation remains too low to meet the Fed targets and wage growth is still weak, the U.S. labor market is "kind of tight," he said in a speech to the Executives Club of Chicago. "We are very close to full employment."
That's a term the Federal Reserve uses when most people who want jobs and are able to work have jobs.
In such an environment,...