Federal Reserve

Atlanta Fed's Lockhart: Looking for several more months of confirming economic evidence

Fed's Lockhart: Unemployment rate doesn't tell whole story

The Federal Reserve should wait several more months to make sure the economy is on track, the Atlanta Federal Reserve Bank president said on Friday.

Dennis Lockhart, the Atlanta Fed president and a non-voting member of the Federal Open Market Committee, said that he is still "a little cautious" in declaring that recent economic data is conclusive evidence that the economy will maintain a strong trajectory.

He also said that he is watching a broader range of indicators than simply unemployment, including paying specific attention to the numbers of marginally attached and involuntary part-time workers.

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Lockhart also addressed concerns about possible consequences of the Fed's actions, saying he is "not concerned that we're going to see a rapid ratcheting up of the inflaiton rate, and having it get out of hand."

Lockhart thinks 'conditions come together' for liftoff mid-2015

As for concerns about bubbles in the U.S. equities, Lockhart acknowledged that some markets "seem to be very highly valued," but said that the financial system is stronger than it was before the recession.

"2014 is not 2007. I think there are dynamics of market correction that mean that using monetary policy in some way to kind of intervene on these very highly valued markets doesn't make sense to me," Lockhart said.

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Finally, Lockhart said he is a "mid-2015-er," meaning that he expects that "conditions will probably come together" in the middle of next year for the Fed to begin to raise rates. He did, however, say he would support earlier action if economic data consistently exceeds expectations.

—By CNBC's Everett Rosenfeld