BlockBeats reported that on October 8, St. Louis Fed President Musallem said he supported the Fed's decision to cut interest rates by 50 basis points last month, but stressed that he would prefer further rate cuts to be gradual. Given the current economic situation, it is believed that the cost of excessive easing too early is greater than the cost of easing too late, and further gradual reductions in policy rates may be appropriate over time. It is predicted that the Fed's preferred inflation measure, the personal consumption expenditures price index (PCE), will converge to 2% in the "next few quarters."