Waller, who has since last year backed interest rate cuts over labor market concerns, said he changed his mind in the last two weeks on the pace of interest rate cuts due to concerns about inflation.

"Since that time the Strait of Hormuz was closed, this is looking like it's going to be a much more protracted conflict, and oil prices are going to stay high for a longer time," he told US broadcaster CNBC on Friday.

"So that suggested inflation was more of a concern than I was putting it."

Waller backed the Fed's decision earlier this week to hold rates steady.

Speaking to CNBC, while he flagged inflation as an issue, he said he was not currently in favor of rate hikes.