Minneapolis Fed President Neel Kashkari said Tuesday that the Fed's policy stance is restrictive, but policymakers have not completely ruled out further rate hikes.

"I don't think anyone has completely given up on raising rates," Kashkari said at an event in London on Tuesday. "I think the odds are low that we're going to raise rates, but I don't want to take anything off the table."

Kashkari was echoing comments he made earlier on Tuesday in an interview, when he said officials should wait for more evidence that inflation is cooling before cutting rates, especially given the strong labor market and resilient economy. "Wage growth remains quite strong relative to what we think will eventually be consistent with our 2% inflation target," he said.

He added that "we have time to assess how much downward pressure we're putting on demand before we make any new policy decisions."

No need to rush to cut rates

Earlier in the day, when asked what it would take for the Fed to cut rates once or twice this year, Kashkari said, "I think it would take more positive inflation data to give me confidence that it's time to cut rates."

He also said the Fed could even raise rates if inflation doesn't fall further. Kashkari added, "I don't think we should rule anything out at this point."

Kashkari believes that the U.S. economy remains "very resilient" and the labor market continues to be strong, especially in the service sector. He added that while nothing should be ruled out in terms of future policy, the Fed would be better off waiting and watching.

Earlier this month, he said the Fed may need to keep interest rates stable for "an extended period of time," possibly a full year. He added:

"Most people thought we would be in a recession at the end of last year, but that was not the case. On the contrary, our economic growth has been very strong. The U.S. consumer has remained amazingly resilient, and the housing market has remained resilient. Therefore, I don't think there is any need to rush to cut interest rates. We should take our time and get things done."

Kashkari also said that the U.S. inflation level has been moving sideways at the beginning of this year, which makes him wonder whether the anti-inflation process is still continuing or the inflation level will be closer to 3%