A well-known hawk and dissenter of FED policy is back on the core-committee of FOMC this year, who will be a decision maker in the board. In the past, Ms. George has remained critique of ultra-loose monetary policy of FED.

Head of Kansas city Federal Reserve remarked last night at a speech at the central exchange in Kansas City said that US economy is in a good spot, despite trouble in energy and manufacturing sector. She pointed to robust job growth, strong services sector and strong consumer demand in support of her argument. She also said that low gasoline price and rising wage would increase consumer spending ability.

"Despite these headwinds, the US economy has proven itself to be resilient to a wide range of shocks in recent years, including sluggish growth abroad".

These comments can be considered very hawkish, especially as it come in the back of drop in business investments, exports and contraction in manufacturing sector.

On the recent volatility and stock market selloff, which wiped out trillions of Dollars from global stock market, she said, while FED is warranted to take signal from increased volatility, it can't respond to every blip in the market.

"To a great extent, the recent bout of volatility is not all that unexpected, nor necessarily worrisome, given that the Fed's low interest rate and bond-buying policies focused on boosting asset prices as a means of stimulating the real economy."