The Boston Fed President Eric Rosengren said in a speech at the American Economic Association in Boston over the weekend that the Fed can be "patient" in tightening its monetary policy due to very low core inflation and wage growth.

"I believe the continued very low core inflation and wage growth numbers provide ample justification for patience," Rosengren said.

He expects that inflation will reach the Fed's 2% target "over the next several years".

Rosegren noted that interest rate "rates may not normalize at the same level they were prior to the financial crisis".