(Reuters) - The Federal Reserve could hike U.S. interest rates this year, St. Louis Fed President James Bullard said on Friday, noting the central bank would have to watch out for risky financial bubbles emerging in technology stocks and elsewhere in the market.

"I'm agnostic on when we do that," he said on CNBC from Jackson Hole, Wyoming, adding "we could" hike rates this year.

Asked about financial valuations, he said: "We're fairly valued or on the high side of fairly valued, and I could see the process getting away from us, maybe tech stocks, maybe others."

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)