"Overall, the recent data have not materially changed my outlook, but they do highlight uncertainties related to timing, and the need for patience,” Collins said in a speech at the Economic Club of New York.

“It may take longer to discern whether the economy is sustainably on a path back to 2% inflation, and thus less easing of policy this year than previously thought may be warranted.”

READ MORE: 2 Fed officials offer reassurances about cuts in 2024 despite 'bumps' and 'uncertainties'