President of the Federal Reserve Bank of St. Louis James Bullard said on Thursday that the Fed's base case is the interest rate hike in 2015.

He noted that the first quarter figures were "a little bit suspect".

"The base case is definitely that we want to, at least for me, is that we definitely want to normalize policy, but we do have to get by this issue about the first-quarter GDP," the president of the Federal

Reserve Bank of St. Louis said. Bullard does not have a vote on the Fed's policy committee.