Kaplan said US economic data has pointed to relatively strong economic growth despite the impact of international trade tensions, a global slowdown and the waning effects of a US fiscal stimulus enacted last year.

"If it was appropriate to take action, the best argument for me of why to do that is the shape of the curve," Kaplan told reporters in Washington, adding that the gap between the Fed's benchmark rate and financial market rates also weighed in his mind.

"That is more tactical than saying I see something in the economic outlook that says we should embark on a strategy change," he said.

He said the argument for a rate cut, which is widely expected by investors this year, does not mean the Fed was on track for further cuts.