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Fed's Mester: Makes sense for US to start raising rates

But not all Fed policymakers are on board for a rate hike soon.

Porta Advisors Partner Beat Wittmann said emerging markets had stabilized sufficiently to cope with a Fed rate hike next month and some European economies would gain from a further rise. It last raised rates from near-zero levels in December in its first hike in almost a decade.

Also on Thursday, Dallas Fed President Robert Kaplan said that he believes, "the case for removing accommodation is strengthening". While she favours higher rates now, she said her view could be shifted by economic data in advance of the September 20-21 meeting.

"Growth issues and global issues in that context are more important (than the presidential race), but that consideration would speak for a hike in September rather than later", he told CNBC.




"I think the economy is on a good track", she said, in an interview on CNBC's "Squawk Box" on Friday, "the employment numbers show that, I think the inflation's numbers are coming up slowly, there's below our target still but they're moving in the right direction".

Many of these issues, such as ageing demographics, are best addressed through policies other than monetary, such as structural reforms and fiscal tools. "So if we think about the reason that inflation has been very, very low, it has been a lot due to the fall in energy prices".

Another key member of the Federal Reserve is indicating to circle September on your calendar for an increase in interest rates.

Investors are awaiting a speech on Friday by Fed Chair Janet Yellen for more definitive clues about whether the central bank plans to hike rates before year end.

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