Federal Reserve Bank of New York President William C. Dudley said in an interview with the Financial Times that the Fed is likely to raise its interest rate in September if the U.S. economy continues to strengthen.

"If the data continue to evolve in the way they have, I think September is very much in play," he said.

"If we hit 2.5 percent growth in the second quarter and it looks like the third quarter is shaping up for something similar, then I think you are on a firm enough track that you would imagine you would have made sufficient progress in our two tests, certainly by the end of the year," Dudley added.