"My personal view is let's get more conviction before moving," Barkin said to reporters Thursday following an event in Richmond, reiterating that he needs sustained and broadening progress toward the Fed's 2% goal before adjusting borrowing costs lower. 

Barkin, who is a voting member of the Federal Open Market Committee this year, said policy is currently well positioned, adding the central bank has the firepower necessary to tame inflation. 

When asked if the Fed could do one rate cut and hold at that level, Barkin said it depends on the economy. If current conditions hold, he said it may not be the best time to give guidance on timing about subsequent policy adjustments. 

"There are times where we will want to give forward guidance and have given forward guidance," he told reporters. "This doesn't feel like one of those times to me. It doesn't feel like a forward guidance time."

Last week, policymakers voted to hold interest rates steady in a range of 5.25% to 5.5%, the highest in more than two decades. Policymakers penciled in one interest rate cut for 2024 and four for 2025, according to the median projection. 

"At this moment it feels like if you made a cut, you made a cut, and then let's see where the data takes you," Barkin said.