Chicago Federal Reserve President Charles Evans said Tuesday that weakness in the U.S. labor market will keep inflation expectations low and will necessitate the need for accommodative interest rates for "some time."

Speaking at a meeting of the National Association of Business Economics, Evans said that weak labor indicators, such as the elevated rate of unemployment, are a cause for worry.

"With the unemployment rate at 9.7 percent and inflation significantly under my benchmark for price stability, there is no conflict between our policy goals," he said in prepared remarks.

He added, "We view the overall magnitude of the increase as an indicator that labor market conditions are even bleaker than the unemployment rate alone suggests."

The unemployment rate held steady at 9.7 percent in February. The rate had fallen from 10 percent to 9.7 percent in January, and economists expected it to edge slightly higher for February.

Evans also said that the Fed's asset purchase program, which expires this month, had run its course during the nascent economic recovery, but added that additional purchases could be warranted if economic conditions change.

The Chicago chief's remarks come a week before the Fed's Federal Open Market Committee meeting. The FOMC is expected next week to reiterate the central bank's intentions to keep interest rates at near zero levels as it monitors economic progress, employment and inflation.