St. Louis Fed President James Bullard said in an interview with The Wall Street Journal on Monday that the Fed would unlikely raise its interest rates this month due to the weak May labour data, adding that an interest rate hike in July was still possible.

St. Louis Fed president noted that the experience of the European Central Bank and the Bank of Japan with negative interest rates was not great.

He also said that the referendum on Britain's membership in the European Union would not have a great impact on the U.S. economy.

Bullard is a voting member of the Federal Open Market Committee (FOMC) this year.