Fed officials signaled they were close to backing a rate cut at the FOMC's Sept. 17-18 meeting.

Fed's Musallem said he believes the time is approaching for the Fed to cut interest rates. Musallem said he now believes inflation is back on track to the Fed's 2% target and the labor market no longer poses a risk to inflation. In his view, the risks in both directions of the mission seem more balanced, so as future meetings approach, the time may be approaching for a moderately restrictive policy adjustment. This statement made Musallem join several other Fed officials in suggesting that they are close to supporting the FOMC to cut interest rates at the September 17-18 meeting. (Jinshi)