Dallas Federal Reserve President Robert Kaplan said Feb. 22 it would be reasonable for the Fed to raise interest rates three times in 2018, countering the idea from some investors that the central bank may opt for more, Reuters reported.

Some analysts have reacted to recent data showing inflation strengthening by upping their predictions of Fed rate hikes this year to four or even five, but Kaplan said at an event in Vancouver that the recent market moves have not substantially shifted his outlook, Reuters noted.

Kaplan is not a voting member on the Federal Open Market Committee this year.