The Chicago Federal Reserve released its analysis of the U.S. economy Dec. 18, noting favorable outcomes but stating inflation rates remain "worrisomely low," according to an article in Reuters. The labor market and the consumers conversely are "remarkably well" in contrast to inflation.

Monetary policy, similarly, is in a "good place," which likely denotes no need to change interest rates any time soon. The Chicago Federal Reserve said they will let things "play out" in the near future.

"We are looking for the economy to continue to grow, labor markets to continue to be strong," Chicago Federal Reserve Bank President Charles Evans said in Reuters. "It would take a lot of new data for me to change my opinion about that … inflation would have to go above 2% by some meaningful amount for me to really think that we need something more restrictive."

—Christie Citranglo, editorial associate