Atlanta Fed President Dennis Lockhart said on Monday that the time of the interest rate hike by the Fed is nearing.

"I think the point of 'lift-off' is close," he said. Lockhart noted that the U.S. economy has largely returned to normal.

He added that the interest rate hike in September is possible, and the increase in the interest rate would be gradual.

Lockhart is a voting member of the Federal Open Market Committee this year.