Fed Governor Daniel Tarullo said in an interview with CNBC on Tuesday that it would not be appropriate to raise interest rates this year.

"I wouldn't expect it would be appropriate to raise rates," he said.

Tarullo added that he would like to see any signs that the inflation accelerates before to start raising interest rates.

"There have been a series of factors which, for some period of time, have kept inflation down, and that's why my own perspective is that one should watch to see some tangible evidence that allows one to develop that reasonable confidence that inflation will return to target," Fed governor said.