The Fed Vice Chairman Stanley Fischer said on Tuesday that the economic growth in the U.S. picked up in the first quarter.

"The spending indicators that we have in hand for January point to a pickup in economic growth this quarter," he said.

Fischer noted that a tightening of financial conditions could mean a slowdown in the global economy that could have a negative impact on the economic growth and inflation in the U.S.

"If the recent financial market developments lead to a sustained tightening of financial conditions, they could signal a slowing in the global economy that could affect growth and inflation in the United States," the Fed vice chairman said.

He said nothing new about further interest rate hikes.