PALO ALTO, California (May 6): St. Louis Federal Reserve  President James Bullard said on Thursday the Fed could raise rates at its meeting next month if the economic data calls for it, despite the fact that traders see only a slim chance of it happening.

"We've got our options open," St. Louis Fed President James Bullard said in an interview on the sidelines of a conference here. "I would expect market probabilities will change if the data changes."