According to Jinshi Data on September 28, according to the Financial Times, 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, who backed a rate cut in September, said the business sector was in "good shape" and overall activity was "solid", adding that large-scale layoffs did not appear "imminent".

However, he acknowledged that risks facing the Fed could require it to cut rates more quickly. "I realize that the economy could be weaker than I currently anticipate, the labor market could be weaker than I currently anticipate," he said. "If that is the case, then a faster pace of rate cuts may be appropriate."