The central bank has said it will likely keep rates near zero well past the time unemployment hits that previously stated unemployment threshold, especially if inflation remains too low.

Turning to the central bank's ongoing bond-buying program, Plosser told reporters the Fed seems to be on a path to completely winding down the program and, for him at least, it would be a fairly "high bar" to halt the tapering off of the purchases this year.

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)