When the Federal Reserve says accommodation will remain in effect for an "extended period," Chicago Federal Reserve Bank president Charles Evans said he translates that into "about three to four [Federal Open Market Committee] meetings," Evans said in an interview yesterday.

"I've said before, that to me, that seems like about three to four meetings," Evans said in an interview on CNBC.

While saying rates would not stay this low into 2012, Evans said, policy will still be accommodative in 2012.

The U.S. economy will grow 3% to 3.5% in 2010, but low inflation will give the central bank room to keep monetary policy accommodative for an extended period.

Next year "will definitely be better," he said, but not for unemployment, which he sees climbing "a few tenths."

Turning to inflation, Evans said expectations seem well-anchored, with low core inflation, while substantial resource slack is "diminishing the trajectory of inflation."

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