Regions

The Federal Reserve should make a change to its policy statement next month that would allow it to monitor inflation readings through the spring and then hike interest rates some time in the summer, a top Fed official said on Thursday.

St. Louis Fed President James Bullard said on CNBC the U.S. central bank should drop the word "patient" from its statement at a March 17-18 meeting, in order "to provide optionality ... going forward."

"If we take it out, then we can move at any of the meetings during the summer," he added. "If expected inflation goes back to more normal levels then I'd have confidence that actual inflation would follow behind. Through the spring here we'll have to see evidence of that."