Federal Reserve Bank of St. Louis President James Bullard said the current federal funds rate target, which is between 100 and 125 basis points, is "likely to remain appropriate" for the near term.

Speaking at a conference in Nashville on Aug. 7, Bullard suggested that the current low-growth, low-inflation U.S. economy supports his belief.

U.S. economic growth has been slow compared to past expansions, he said, citing data that shows real GDP trend growth of 2%.

Bullard, who is not a voting member of the Federal Open Market Committee, said U.S. inflation has been below the Fed's 2% annual target since 2012. He questioned whether the inflation rate is "reliably" on pace to its target.