According to Goldman Sachs Group's top economist, slower U.S. growth next year will mean the Federal Reserve will take its time raising interest rates.

While the Fed is likely to begin the reduction of asset purchases at its next meeting, Jan Hatzius said during an interview on Monday that the process would take months and that interest rates will not rise until 2023.

The growth estimate for next year has been lowered by Goldman Sachs. “In the near term I think there are some reasons to expect stronger growth,” he said. “Further on, I do think growth is going to be significantly slower.”

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At its September meeting, the Federal Open Market Committee kept interest rates at zero and stated that if the economy continued to improve, the central bank's $120 billion in monthly asset purchases "may soon be warranted." The process may begin as soon as the Fed's November 2-3 meeting, and the FOMC's "substantial further progress" taper criteria for employment "is all but met," Powell told reporters. However, data for September, published last week, showed nonfarm payrolls recording their smallest advance this year.