Chicago Fed President Charles Evans said in a speech on Tuesday that a slow pace of interest rate hikes would be appropriate as there were still the downside risks to the outlook.

"A very shallow path - such as the one envisioned by the median FOMC (Federal Open Market Committee) participant in March - is the most appropriate path for policy normalization over the next three years," he said.

Chicago Fed president expects the U.S. economy to expand 2% - 2.5% this year.

Evans is not a voting member of the FOMC this year.