It's too early to determine if recent market turmoil has made a September rate hike more or less compelling, Federal Reserve Vice Chairman Stanley Fischer told CNBC on Friday.
Investors are watching the Fed closely for signs of an impending tightening. As international and U.S. markets swung wildly this week, some questioned whether the conditions were anywhere near appropriate.
"I think it's early to tell: The change in the circumstances which began with the Chinese devaluation is relatively new and we're still watching how it unfolds, so I wouldn't want to go ahead and decide right now what the case is—more compelling, less compelling, et cetera," he said.
He added that "there was a pretty strong case" for a September hike, although that had not yet become a conclusion.
"We've got a little over two weeks before we make the decision," he said. "And we've got time to wait and see the incoming data, and see what is going on now in the economy."
One big sign comes next Friday, when the August jobs report is released.