St. Louis Fed President James Bullard said in a speech on Wednesday that the Fed should delay its further interest rate hikes due to recent turmoil in financial markets and low inflation.

"I regard it as unwise to continue a normalization strategy in an environment of declining market-based inflation expectations," he said.

Bullard noted that he expected a stronger U.S. economic growth and further improvement in the labour market.

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