Cleveland Fed President Loretta Mester argued that the Fed should raise the interest rate slightly above the 5.00-5.25 percent range to bring inflation to the target.

However, Master did not disclose how many basis points she would prefer to raise rates at the FOMC meeting, which will begin on January 31 and end on February 1.

“We are not at the 5 percent level yet, we are not above the 5 percent level that you think we should be considering the projections for the economy,” said Mester.

The Fed overnight lending rate currently stands at 4.25-4.50 percent.