WASHINGTON, June 25 (Reuters) - St. Louis Federal Reserve Bank President James Bullard said on Tuesday he does not think the U.S. central bank needs to cut interest rates by a half point at its next meeting in July, even though he felt the Fed should have lowered rates last week.

"Just sitting here today, I think 50 basis points would be overdone," Bullard said in an interview with Bloomberg Television. "I don't think the situation really calls for that, but I would be willing to go 25 (basis points)." (Reporting by Susan Heavey and Jason Lange; Writing by Tim Ahmann Editing by Chizu Nomiyama)