The Federal Reserve's language regarding maintaining interest rates low for an extended period of time should be changed because it is too restrictive, James Bullard, St. Louis Fed president, told CNBC Monday.
Last week, the Fed renewed its pledge to keep interest rates near zero for "an extended period" although it seemed more optimistic about the jobs outlook.
"I think the extended period language is putting us in a box. The truth is that it (raising the rate) will depend on the data," Bullard said.
