St. Louis Federal Reserve President James Bullard said Friday the U.S. likely will need higher than expected interest rates to contain inflation as the economy remains strong and stress in the banking sector likely eases.

In comments to reporters Bullard said he thinks the target federal funds rate will need to rise to a range between 5.5% and 5.75% this year, a quarter point higher than he projected in December, "in reaction to strong economic news and also under the assumption that financial stress abates in the weeks and months."