Richmond Fed President Jeffrey Lacker said on Tuesday that the Fed should raise its interest rate as inflation in the U.S. picked up. He added that the Fed should hike its interest rate four times this year.

"My sense is that the less leisurely but still gradual pace of target rate increases that FOMC participants submitted at year-end is still more likely to be appropriate," Lacker said.

He noted that global risks to the U.S. subsided.

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