Fed's Bullard says better than 50 percent chance of Fed hike in September: Fox

Federal Reserve Board Chairwoman Janet Yellen n Washington July 15, 2015. REUTERS/Yuri Gripas (Reuters)

(Reuters) - There is a better than 50 percent chance that the Federal Reserve will raise interest rates in September, a top Fed official told the Fox Business network on Monday.

St. Louis Fed President James Bullard told Fox that the Fed should get ahead of the curve, as inflation will rise and labor market slack will end. Bullard, who is not a voting member on the Fed's policy-setting committee this year, is a policy hawk who previously said the Fed has kept rates at near-zero levels for too long.

(Reporting by Michael Flaherty; Editing by Chizu Nomiyama)