James Bullard of the Federal Reserve Bank of St. Louis said he sees inflation reaching 2.4% by the end of 2015, well above the Fed's projected 2%. The reason is that June unemployment dropped to 6.1%. June marked the lowest unemployment rate since September of 2008. Though more jobs mean good news, Bullard believes most officials are underestimating the pressure the number will place on the fed to raise rates sooner than expected. Bullard pointed to economic weakness in Europe as one contributing factor for unusually low inflation in 2013 and 2014.