Federal Reserve Bank of St. Louis President James Bullard said the economy appears on track for more expansion this year, and that the central bank must meet market expectations for rate rises as part of its effort to rein in inflation.

“U.S. labor markets remain robust, and output is expected to continue to expand through 2022,” Mr. Bullard said in materials for a presentation in Spain. But he added, “Risks remain substantial and stem from uncertainty around the Russia-Ukraine war and the possibility of a sharp slowdown in China.”