Richmond Fed President Jeffrey Lacker said on Tuesday that turmoil in China has no effect on the U.S. economy.

"I think our real economies are linked less than you would think from the extent to which our equity markets seem to have moved in parallel with movements in their exchange rate and their equity markets," he said.

Lacker noted the U.S. stock market's volatility "looks like an overreaction".

Lacker is not a voting member of the Federal Open Market Committee (FOMC) this year.