"The economy is growing at the 2 to 2.5 percent range. It's become more regional, meaning that it's more industry specific," he told CNBC's "Squawk on the Street."
He also said the economy will be largely dependent on external factors moving forward, including the stronger dollar and geopolitical risks. "The strong dollar and the lack of exports probably takes a point off the growth."
The dollar has gained more than 10 percent this year against a basket of currencies.
Dollar index in 2015Source: FactSet
Stumpf also discussed the possibility of a Federal Reserve rate increase in two weeks, saying he expects the central bank to move on Dec. 16.
"Today, the debate has become bigger than the rate [hike]," he said. "I think after that — on the short end — they will be much more data dependent."
Fed Chair Janet Yellen has said repeatedly that the central bank's decision on raising interest rates will be dependent on economic data.