Federal Reserve Bank of Dallas President Richard Fisher, who will be a voting member of the policy-setting committee next year, said he argued for a $20 billion reduction in the Fed's monthly bond purchasing pace instead of the $10 billion announced last week.

"The market could have digested that," he said in an interview with Fox Business Network Monday.

The Federal Open Market Committee announced on Dec. 18 that it would dial back its monthly bond purchases to $75 billion from $85 billion on signs of an improved labor market. Fisher has been among the most vocal critics of the so-called quantitative easing program that began in September 2012 and has been calling for an early slowdown to the purchases.

"We're on an upward trajectory and that's what's important," he said of the economy.

While stock markets around the world have been fueled by central bank stimulus, Fisher said "I wouldn't call it a bubble."

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