"I'm starting to think that the labour market should be interpreted as tight," James Bullard, president of the Federal Reserve Bank of St. Louis, said in an interview.

"despite the booming economy and the rapid growth of GDP, I am not sure whether employment will catch up," Brad said, adding that monthly employment growth is not expected to reach 1 million for some time to come.

Brad began calling on the Fed to look at other indicators of the tight job market, especially the ratio of unemployed to job openings.

The Fed is about to start talking about scaling back its $120 billion-a-month asset purchases, he said.

He said high inflation (above the Fed's 2 per cent average target) was expected to continue until the end of 2022.

On the issue of future interest rate hikes, the Bullard hinted that the Fed would proceed cautiously and raise interest rates from ultra-low levels only after asset purchases are over.