According to Jinshi, St. Louis Fed President Mousallem said on Tuesday that it would take several months, more likely several quarters, for the Fed to form the conditions for a rate cut. This is his first public comment on monetary policy since he succeeded Bullard as the chairman of the regional Fed. Mousallem stressed that he needs to observe favorable inflation developments, easing demand, and expanding supply for a period of time before he is convinced that a rate cut is appropriate. He also did not rule out the possibility of raising interest rates again if inflation "significantly" exceeds 2% or if inflation re-accelerates, but he stressed that this is not his basic assumption. Mousallem is a doctor of economics and will rotate to become a voting member of the Federal Open Market Committee next year.