James Bullard, president of the Federal Reserve Bank of St. Louis, said he was ready to start slowing down the pace of central bank bond purchases, as long as his colleagues were willing to do so.

"I think, with the economy growing at a rate of 7% and the epidemic getting better and better under control, I think it is time to cancel the emergency measures," he said in an interview on Monday.

When it comes to the prospect of the Fed cutting back on Treasury and mortgage bond purchases, "We do want to proceed cautiously, but I think we are in a very good position to start reducing the size."

"I don't need to leave tomorrow, but I think we are in a very good position in this respect," once the members of the Federal Open Market Committee are collectively ready to take action.