Federal Reserve Bank of Chicago President Charles Evans said in Munich on Wednesday that the U.S. unemployment rate might be lower than 5%. He added that it might take more time for inflation to achieve 2% target.

"There's a lot of uncertainty about that. As unemployment goes down, I'm also going to be looking to see what inflation is doing. Because if we've got a natural rate below 5%, we might not see inflation pick up until we go even further," the Federal Reserve Bank of Chicago president.

Evans repeated that the Fed should delay its interest rate hike until early 2016 as inflation in the U.S. is still low.

Evans is a voting member of the Federal Open Market Committee this year.