Atlanta Federal Reserve Bank President Raphael Bostic Monday said if he were voting on monetary policy today, he would vote to hold interest rates steady, but added there is still a lot of data to come before the Fed's meeting in June.

Bostic told Bloomberg TV he feels businesses have less pricing power than before, and hiring is easier, both signs the Fed's interest rate hikes are working.

But he would not consider cutting rates unless inflation, now at 4.2% by the Fed's preferred measure, fell farther than to the mid- to high- 3s where he expects it to be by the end of the year.

"Right now, if you had to tip the scales if the next move was going to be an increase or a cut, it's pretty heavily weighted to the increase for me, at the current moment."