The Fed Vice President Stanley Fischer said in an interview with CNBC that it is too early to say if the interest rate in September is likely or not due to the recent market turbulences.

"I think it's early to tell: The change in the circumstances which began with the Chinese devaluation is relatively new and we're still watching how it unfolds, so I wouldn't want to go ahead and decide right now what the case is-more compelling, less compelling, etc.," he said.

Fischer noted that the Fed has not decided on its interest rates

The Fed vice president expects the inflation to return to the Fed's 2% target.

He pointed out that the increase in interest rates will be slow.