According to CNBC, Atlanta Fed President Dennis Lockhart believes that the economy is on a moderate growth path and there will be a strong pick-up in the second half of the year.

"I would be supportive [of tapering] in September as long as the data comes in between now and then basically confirm the path we're on," Lockhart said.

He said he sees full-year GDP growth of 2% to 2.5%. The unemployment could get down to 7.2% by year-end, he added. 

The Federal Reserve is currently working on a timeline to begin reducing its investments in mortgage-backed securities and Treasurys, and some Fed chairs are not opposed. However, speculation abounds as to when this may happen.