"I think they read the minutes correctly," Bullard told reporters, referring to the minutes of the Fed's latest policy meeting.

Global investors, many of whom had assumed the Federal Reserve was in no rush to raise interest rates, were jolted last week by minutes of the April meeting which suggested most policymakers felt the U.S. economy could be ready for another rate increase in June.

(Reporting by Marius Zaharia and Masayuki Kitano; Editing by Kim Coghill)