Fed's Musalem leans toward supporting October interest rate cut

Federal Reserve Bank of St. Louis President Alberto Musalem said Friday he's leaning toward supporting an interest rate cut at the end of the month.

Asked about his view about lowering rates at the monetary policy meeting at the end of the month, Musalem said "I could support a path with an additional reduction in the policy rate" if there are risks to the job market and inflation risks are contained. But he added the Fed should not be on a preset course and declined to say what he believes the central bank should do at its December policy meeting, in comments before the Institute of International Finance Annual Membership Meeting.