St. Louis Fed President James Bullard said in Seoul on Monday that global financial markets were "well-prepared" for an interest rate hike in the summer. He did not specify a date.

Bullard noted that the U.S. economy seemed to rebound in the second quarter.

St. Louis Fed president also said that an interest rate hike would depend on the incoming U.S. economic data.

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