Federal Reserve Bank of St. Louis President James Bullard estimated U.S. economic growth will quicken from a range of 2.5 percent to 2.7 percent during the first quarter to 3 percent for the entire year.

The economy is “on track” and Fed “policy can stay on hold for now,” Bullard said to reporters after a speech in Logan, Utah. The central bank will probably need to tighten policy during the “last part of 2013,” he said.