St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York February 26, 2015. REUTERS/Lucas Jackson

(Reuters) - The Federal Reserve policymaker who rang alarm bells over falling inflation expectations last month said on Wednesday he would like to see more strength in those market-based measures even though they have rebounded over the last few weeks.

“I am concerned that we not (raise interest rates) in a situation where inflation expectations are going down,” St. Louis Fed President James Bullard, a voter on U.S. monetary policy this year, said on Bloomberg TV.

“I’d like to see further stabilization in inflation expectations,” he added. “They are stabilizing, I think that’s a hopeful sign, and I hope they will continue to go up. They seem to be highly correlated with oil prices and that’s disturbing.”