Bostic also anticipated that more rate hikes will be needed in the near term.
The stronger the dollar gets, the more difficult it is for the Fed to keep hiking interest rates.
Fed officials will likely maintain their hawkish stance next week.
Economic growth may have picked up in the third quarter.
Their remarks maintain Chair Jerome Powell's message last week that they will not flinch from confronting inflation.
St. Louis Fed President James Bullard said Wall Street is underestimating the likelihood of a large hike.
The discussion has turned to how much higher they now have to go and how long to stay when they get there.
Economists at JPMorgan and LH Meyer now expect 75-basis-point rate hikes in September.
A blowout July jobs report could mean more rate hikes are needed to curb inflation.
Fed presidents speaking this week emphasized that inflation at a 40-year high has yet to slow.