Federal Reserve

Fed's Esther George: It's time to remove some accommodation

Esther George: Economic data points to progress
Esther George: Economic data points to progress

Kansas City Federal Reserve President Esther George told CNBC the most recent economic data on Thursday shows growth continuing to move forward.

In a "Squawk Box" interview, she said it's time to remove some accommodation. She added that a Fed funds overnight lending rate of 1 percent would still be considered accommodative. The range of the Fed funds rate is currently 0.25 percent to 0.5 percent.

George, a voting member on the Fed's policymaking panel this year, had advocated raising interest rates at September's meeting. "I base that off of looking where the job market is progressing [and] looking at the progress inflation is making."

"We're late in the year now. How many moves we can make is going to be a function of the calendar," George observed, saying global economic risks do not appear to be outsized, a factor that's kept the Fed at bay in the past.

The Fed meets again in November and December, but Fed Chair Janet Yellen only has a scheduled news conference scheduled after the latter gathering. The central bank is generally believed to prefer making a move at a news conference meeting.

Central bankers hiked rates for the first time in more than nine years in December 2015, but they have not made any moves since.