NEW YORK (TheStreet) -- Chicago Federal Reserve Bank President Charles Evans thinks "QE" should be on cruise control.

In comments on


Tuesday morning, Evans, a member of the Federal Open Market Committee, said a 9.1% unemployment rate is "consistent with recession."

Chicago Fed President Charles Evans

TheStreet Recommends

Gold futures moved up more than $34 to $1,825 an ounce Tuesday morning after Evans' comments. Quantitative easing, in which the Fed purchases U.S. Treasuries to keep long-term interest rates down with the aim of stimulating economic activity, is viewed as inflationary in some circles.

Evans told


that the U.S. economy "would have been so much worse" if not for the "additional accommodation that came with QE2."

The FOMC releases the minutes of its last meeting at 2 p.m. ET Tuesday.