A Federal Reserve official who a few weeks ago proposed further monetary stimulus said on Tuesday the central bank in fact made the right decision last week in shelving a bond-buying program, in part because financial markets have rebounded.

St. Louis Fed President James Bullard, speaking on Fox Business, said global markets seemed to be expecting a global recession earlier in October.

"As it turned out, that all kind of evaporated," he said. The Fed "did a very sensible thing at the meeting last week," he added, when it halted the bond buying while acknowledging some lower measures of inflation.