Federal Reserve Vice Chairman Stanley Fischer said on Sunday that the Fed wants to start raising its interest rates this year, adding that it is "an expectation, not a commitment", which depends on the developments in the global economy.

"Both the timing of the first rate increase and any subsequent adjustments to the federal funds rate target will depend critically on future developments in the economy," he said.

Fischer pointed out that the slowdown in the global economy already had an effect on the U.S as the Fed delayed its interest rate hike.