Philadelphia Fed President Patrick Harker said in a speech on Monday that he expected the Fed could raise its interest rate two to three times this year.

"As I said, there will likely be two or perhaps even three rate hikes over the course of the year," he said.

Philadelphia Fed president pointed out that the Fed's interest rate decision will depend on the incoming economic data.

Harker is not a voting member of the Federal Open Market Committee (FOMC) this year.