St. Louis Federal Reserve President James Bullard changed its tone on the Fed's monetary policy outlook on Wednesday. His tone is cautious now.

"I think that will all be transient and it will turn out that we'll have stronger data later in the year and that will enable us to get going with the normalization process. But I would like to see that confirmed in the near term so that we can get on with our normalization process," Bullard said.

The St. Louis Federal Reserve president pointed out that the weak U.S. economic growth in the first quarter was temporary, but he added that he would like to see stronger data.

Bullard is not a voting member on the Federal Open Market Committee this year.