While McCulley said he is "genuinely uncertain" if the Fed will raise rates in the first, second or third quarter of 2015, he thinks it is reasonable to expect it midyear.
The big issue, McCulley said, is how long the central bank will tighten. While Bullard thinks the Fed will hike rates until it hits 4 percent, Pimco believes the "new neutral" is 2 percent.
"We have no disagreement with the notion that zero is not normal and the Fed will lift off zero," McCulley said. "Our issue is with the destination, not the liftoff. We say 2 [percent], he says 4."
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While gross domestic product and productivity plummeted in the first quarter, McCulley does not think that will be repeated in the second quarter.
"I think there were a number, a whole fistful of one-off factors in the first quarter."
GDP fell at a 2.9 percent annual rate in the first quarter, the economy's worst performance in five years. U.S. nonfarm productivity tumbled at a 3.2 percent annual rate, the sharpest drop in six years.
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"The fact that consumer income and job creation held up I think is the silver lining in what happened in the negative productivity in the first quarter," McCulley said.
—By CNBC's Michelle Fox. Reuters contributed to this report.