BULLARD: The Federal Reserve is playing bad baseball

St. Louis Federal Reserve Bank President James Bullard thinks the Federal Reserve got it wrong last week, and is using a baseball analogy to explain why.

Bullard paid Business Insider a visit Monday September 21 just days after the central bank's decision to not raise rates.

"Inflation's going to return to target and our policies are a long ways out of position compared to where we should be," he said in an interview.

Bullard says that the inflation rate - which he says is a key factor for the Fed - is being misplayed.

Of three key factors (wage growth, unemployment and inflation), Bullard said inflation is the most important. And he thinks the Federal Reserve needs to move sooner, rather than later, by getting away from its zero-interest rate policy, or it could find itself surprised.

NOW WATCH: The startling theory about why Chinese people save so much more than Americans

Please enable Javascript to watch this video