New York Federal Reserve Bank President William Dudley said in an interview with The Wall Street Journal on Monday that the Fed could still start raising its interest rates this year. He added that the interest rate hike in October is also possible.

Dudley pointed out that the timing when to start raising interest rates depends on the incoming economic data.

New York Federal Reserve Bank president expect that the inflation in the U.S. would move back toward the target over time as weak global economy and the strong U.S. dollar would not permanently weigh on the inflation.