St Louis Fed Chief James Bullard.

Federal Reserve Bank of St Louis President James Bullard says that the US interest rate-setting body’s projected path to raise rates may be too aggressive, reports Bloomberg.

“Longer-term yields have declined, inflation expectations have weakened, and market expectations of the policy rate path have declined,” Bullard said on Friday of recent economic data. He added, “this may suggest that the FOMC’s contemplated policy rate path is overly aggressive relative to actual incoming data on U.S. macroeconomic performance.”

Fed officials had previously indicated at a meeting this month that worse-than-expected economic data for the first quarter would not preclude two more hikes this year. Bullard, who does not vote on the rate-setting Federal Open Market Commission, had projected in March there would be only one hike until the end of 2019.