NEW YORK--Raising short-term interest rates off currently near zero levels this year would be a mistake, Federal Reserve Bank of Chicago President Charles Evans said Wednesday.

"We should be patient in raising interest rates," Mr. Evans said. "I think economic conditions will evolve in a way such that it will be appropriate to delay normalizing monetary policy--that is, to hold off on raising short-term rates--until 2016," he said.

On one side, "economic activity appears to be on a solid, sustainable growth path," he said. But, "inflation is low and is expected to remain low for some time--and I have serious concerns that inflation will run even lower than I expect," the central banker said in the text of speech prepared for delivery at an event in Lake Forest, Ill.

Mr. Evans' belief that the Fed is unlikely to find the conditions it wants to raise rates this year puts the veteran central banker at odds with most of his colleagues, who believe the central bank will be able to increase rates this year. Several officials have said they would like to open the door to considering rate increases starting with the central bank's mid-June policy meeting.

Mr. Evans and the other Fed officials agree growth and hiring have all been positive, and for many officials, that is enough to support the view rates could begin to increase. But on the other side, the central bank has fallen short of its 2% price target for nearly three years, which argues against any move higher until there is greater clarity inflation gains will move back to levels Fed officials deem desirable.

Mr. Evans' opposition to rate rises could put him in a dissenting role on the rate-setting Federal Open Market Committee, where he holds a vote this year.

"The FOMC should refrain from raising the federal funds rate, until conditions indicate much greater confidence in forecasts of inflation getting to 2% in a year or two. I see no compelling reason for us to be in a hurry to tighten financial conditions before that time," Mr. Evans said.

The policy maker believes the Fed won't get to its 2% price target until some time in 2018, which would indicate the Fed could raise rates at some point in the first half of 2016. Mr. Evans also noted that "there is no great cost even if we were to end up with a period of inflation running moderately above 2%. It would just be the symmetric flip side of our recent below-target inflation experience."

Although Mr. Evans is concerned about inflation, he's less worried about growth. He sees 3% activity gains over the next couple of years, and further progress in lowering the unemployment rate.

"With 3% output growth, job gains should remain above the 200,000 mark for some time before gradually moving back down toward its longer-run trend," he said. The official added that he believes the economy's natural rate of unemployment--the point where further job gains might start creating inflation--stands at 5%, lower than what many of his colleagues believe. The current jobless rate is 5.7%.

For Mr. Evans, this suggests the job market isn't as healthy as many now believe. The official also said his confidence inflation was moving back to 2% would be bolstered by a rise in core price measures--they strip out food and energy costs--joined with rising wage gains and increased inflation expectations held by the public.

Write to Michael S. Derby at Michael.derby@wsj.com

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