The Federal Reserve could maintain its $85 billion in monthly bond purchases, now at a "torrid" pace, even as the job market improves, said James Bullard, president of the Federal Reserve Bank of St. Louis.

"You should think about QE more as a normal policy when the policy rate is at zero," Bullard said, speaking on CNBC Monday about bond purchases known as quantitative easing. The Fed could try to boost inflation to its 2 percent goal by maintaining the policy, he said.

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