St. Louis Federal Reserve President James Bullard said on Monday that low interest rates for a longer period could lead to financial instability in future.

"I do worry that keeping rates too low for too long could feed into future financial instability even if it doesn't look like we're in that situation today," he said.

St. Louis Federal Reserve president noted that interest rate hikes would depend on the economic data.

He pointed out that the referendum on Britain's membership in the European Union (EU) would not weigh on the Fed's interest rate decision in June.

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