"We feel like we can be patient to let the economy continue to heal before we start moving aggressively to raise rates," Minneapolis Fed President Neel Kashkari said at a Town Hall in Marquette, Michigan. "We should take our time when we go ahead and start raising rates again. There's not a huge urgency to raise rates because inflation is coming up low."
When they meet later this month Fed policymakers will evaluate a run of data, including a job increase of 287,000 in June, to gauge whether the U.S. recovery is on track.
Traders see zero chance of a rate hike this month and are betting the Fed will wait to raise rates until mid-2017, with officials like Federal Reserve Governor Daniel Tarullo saying they are unconvinced inflation is moving adequately towards the central bank's 2 percent target.