Fed's Evans says monetary policy isn't on a preset course but expects rates rise in 2015

The Fed's Charles Evans has said that the Federal Reserve should hold on tapering of quantitative easing - a reduction in the rate of expansion of the US' monetary base - until inflation picks up.

Evans said that he expects the first Fed funds rate increase to come in late 2015, with unemployment below seven per cent by the end of 2014, but that monetary policy is not on a preset course.