He said that the central bank was still data dependent with regards to the timing of a rate hike.
However, Dudley also said the current U.S. economy is "in good shape," and that the Fed may meet the criteria needed for liftoff in the near future. He also said the economy will be "OK" next year, according to the news wire.
The minutes from the Fed's October meeting — released Wednesday — showed that many members of the Federal Open Market Committee believe a rates hike next month would be appropriate.
On Thursday, Fed Vice Chairman Stanley Fischer delivered a speech in which he signaled a rate hike "in the relatively near future."
The chances of a Fed rate hike in December are higher than 70 percent, according to the CME Group's FedWatch tool.