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Dallas Federal Reserve Bank President Robert Kaplan on Friday warned of imbalances in U.S. financial markets and said he now believes the economy will meet the benchmarks the central bank set out for trimming its bond buying sooner than he had anticipated.

"We are now at a point where I'm observing excesses and imbalances in financial markets," Kaplan told the Montgomery Area Chamber of Commerce, pointing to the elevated stock market, credit spreads, and a "historically" robust housing market. "I do think, at the earliest opportunity, I think it would be appropriate for us to start talking about adjusting those purchases," referring to the Fed's $120 billion in monthly bond buys known as quantitative easing, or QE.