Federal Reserve Bank of St. Louis President James Bullard said Tuesday that he still sees the U.S. central bank raising interest rates some time early next year.

“The data I’ve seen are basically on track with our projections” and continue to point to the Fed raising interest rates at the end of the first quarter as a “reasonable judgment,” Mr. Bullard said. But he emphasized that his outlook for central bank policy is not calendar based, saying what happens “depends on how the economy evolves.”