Boston Fed President Eric Rosengren said in a speech on Tuesday that there is no hurry to hike interest rates further as inflation remains low.

"If inflation is slower to return to target, monetary policy normalization should be unhurried. A more gradual approach is an appropriate response to headwinds from abroad that slow exports, and financial volatility that raises the cost of funds to many firms," he said.

Rosengren pointed out that developments abroad and the recent turmoil in financial markets weigh on the U.S. economy.

"We have seen oil prices decline and global stock indices become more volatile - and more generally a lack of inflationary pressures and the presence of global headwinds that make future economic growth somewhat more uncertain," Boston Fed president said.

Rosengren added that the Fed should wait until the economic data improves to raise its interest rate further.

Rosengren is a voting member of the Federal Open Market Committee (FOMC) this year.