“When the economy is as strong as it is, it's hard to feel urgency in taking rates down,” Richmond Fed President Tom Barkin said at the Economic Club of New York on Thursday.

He also noted several areas of concern including accelerating wage growth, a lack in housing supply and uncertainty caused by geopolitics.

“That’s why I think it is smart for us to take our time,” he said.

“No one wants inflation to re-emerge. And given robust demand and a historically strong labor market, we have time to build that confidence before we begin the process of toggling rates down.”


READ MORE: Federal Reserve asks for patience ahead of cutting US interest rates