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Atlanta Fed President Raphael Bostic said Thursday he is looking for a significant jobs improvement before he would even consider hiking benchmark rates, even though the economy appears set for rapid growth this year.

"In the near term, I think the next 12 months or something like that, we're 10 million jobs short and our mandate is full employment, maximum employment. We're going to have to see considerable and significant progress towards that before I'm going to contemplate moving an interest rate," Bostic said.

Former Fed officials have told MNI millions of jobs would have to be added in order for the central bank to begin debating a taper of its asset purchase program.