Bullard says U.S. within a year of hitting Fed's inflation target

ST. LOUIS (Reuters) - U.S. inflation will hit the Federal Reserve's target by the end of next year, and is likely to exceed it for a time, St. Louis Fed President James Bullard said on Friday.

Bullard said his economic models see a "very hot" economy that will push the jobless rate as low as four percent, and push the rate of price increases above the Fed's two percent target for a time.

"The story about oil prices stabilizing and inflation moving back to target is a compelling one," Bullard said. "We will see two percent inflation pretty soon."

(Reporting by Howard Schneider; Editing by Chizu Nomiyama)

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