The Federal Reserve will probably start raising rates late in the first quarter of next year, Federal Reserve Bank of St. Louis President James Bullard reiterated in a televised interview.
He noted, however, that tightening depends on economic data and stated hawkish monetary policy is not necessarily bad for the economy.
Turning to gross domestic product, Bullard said in the CNBC interview, growth in the second quarter proved that weakness earlier in the year was "an anomaly" caused by harsh winter weather.
The Fed has been pessimistic on employment, and noted the projections for unemployment is in the 5% range for next year.
