Fed governor warns against raising rates this year

For the second time in as many days, a member of the Federal Reserve's Board of Governors has warned that raising interest rates this year would be a mistake.

Daniel Tarullo, a Fed governor who was appointed by President Obama, said Tuesday in an interview on CNBC that he "wouldn't expect it to be appropriate to raise rates" in 2015, given his outlook for the economy.

Tarullo also appeared skeptical of the idea that further job growth will push inflation up toward the Fed's 2 percent target. The fact that inflation hasn't picked up and remains near zero, he said, indicates that "we don't have an enormous amount of momentum even though we've made a fair amount of progress."

Another Fed governor, Lael Brainard, issued a similar assessment of the strength of the economy and the need for monetary stimulus on Monday.

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