[Fed's Musallem: If the labor market is weaker, it may be appropriate to accelerate the pace of rate cuts] Golden Finance reported that St. Louis Fed President Musallem acknowledged that the labor market has cooled in recent months, but he remains optimistic about the outlook given the low unemployment rate and underlying economic strength. Musallem supported a rate cut in September. He said the business sector was in "good shape" and overall activity was "robust," adding that large-scale layoffs did not seem "imminent." However, he acknowledged that the risks facing the Fed may require it to cut interest rates faster. "I realize that the economy may be weaker than I currently expect and the labor market may be weaker than I currently expect," he said. "If that is the case, then it may be appropriate to accelerate the pace of rate cuts."