St. Louis Fed President James Bullard said in an interview with CNBC on Thursday that the likelihood for the global recession was not high.

"I don't think the probabilities are particularly high right now," he said.

Bullard noted that if U.S. equities had continued to rise at the same pace, that would have led to an asset price bubble.

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