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Liesman Exclusive: Fed's Kaplan says bank can wait

Dallas Federal Reserve President Robert Kaplan said the central bank can wait to raise rates, despite some recent signs of inflation, because there are big downward pressures still weighing on any increase in prices.

The comments came in a bonus CNBC Pro-only interview after Kaplan's "Squawk Box" appearance on Tuesday.

"Because of excess capacity globally, slowing global growth, high levels of debt to GDP, (and) aging demographics, it tends to put a damper on inflation running away from us," said Kaplan. "Is there a risk that inflation could ramp up, or tick up beyond 2 percent? There's a risk of it, but I think the big secular forces are going to put some downward pressure on it."

"So I think that's why it gives the Fed some ability to be patient and to take its time and be cautious," he said.

Kaplan also discussed when it is possible the central bank will raise rates in 2016. Watch below.

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