Chicago Fed President Charles Evans said on Monday that he would not back the interest rate hike until mid-2016.

"Before raising rates, I would like to have more confidence than I do today that inflation is indeed beginning to head higher. I believe that it could well be the middle of next year before the headwinds from lower energy prices and the stronger dollar dissipate enough so that we begin to see some sustained upward movement in core inflation. After lift-off, I think it would be appropriate to raise the target interest rate very gradually," he said.

Evans noted that he does not expect the inflation to rise to the Fed's 2% target until the end of 2018.