Atlanta Fed President Dennis Lockhart said in a speech on Wednesday that the Fed could rise its interest rate this month.

"Absent information that drastically changes the economic picture and outlook, I feel the case for liftoff is compelling," he said.

Lockhart noted that the next Fed's monetary meeting will be "historic" because it would be "the first increase in the policy interest rate in nearly 10 years".

Atlanta Fed president pointed out that the Fed's criterion of "further improvement in labour markets" has been met, while the downside effects on inflation were "transitory".

Lockhart is a voting member of the FOMC this year.