Atlanta Fed President Dennis Lockhart said on Thursday that the pace of interest rate hikes will be slow once the Fed starts raising its interest rate.

"The pace of increases may be somewhat slow and possibly more halting than historic episodes of rising rates. Moreover, to the extent the evolving economic picture allows a process leading to a "resting place" (a neutral or equilibrium rate), that point might be lower than in the past, as implied by a somewhat lower trend rate of economic growth," he said.

Lockhart noted that the Fed should raise its interest rate soon.

"I'm comfortable with moving off zero soon, conditioned on no marked deterioration in economic conditions. Given my reading of current conditions and my outlook views, I believe it will soon be appropriate to begin a new policy phase," Atlanta Fed president said.