The St. Louis Fed President James Bullard said in an interview with the Financial Times on Wednesday that the Fed is already a "little bit too late" in the tightening of its monetary policy. He noted that inflation excluding oil prices is not far below the Fed's 2% target.

Bullard pointed out that recent weak U.S. economic data was likely due to cold winter.

The St. Louis Fed president does not have a vote on the Fed's policy committee.