The St. Louis Federal Reserve Bank President James Bullard said in London on Tuesday that zero percent interest rate in the U.S. is no longer appropriate. He added that the U.S. economy will remain "extremely accommodative" even if the Fed will start to raise slowly its interest rate in the summer.

The St. Louis Federal Reserve Bank president expects that the U.S. economy will recover in the second quarter.

Bullard isn't currently a voting member of the Federal Open Market Committee.