"Periods of above-target inflation are essential to achieving goals over the long run," Chicago Fed President Charles Evans said while speaking at a central banking conference sponsored by the Global Interdependence Center and Banco de México on Thursday.

"When interest rates are near zero, the Fed must commit to extraordinary accommodation," Evans argued. "Targeting an inflation range is harder to communicate than aiming for a point target."

Evans refrained from commenting on the near-term policy outlook.

USD reaction

The US Dollar Index largely ignored these comments and was last down 0.5% on the day at 98.65.