By Michael S. Derby

(Reuters) -St. Louis Federal Reserve President Alberto Musalem said on Wednesday the U.S. central bank’s monetary policy is in the right place given current economic data, in remarks that did not give a clear signal whether he supports an interest rate cut later this month.

“The current modestly restrictive setting of the policy rate is consistent with today’s full-employment labor market and core inflation nearly one percentage point above the Fed’s 2% target,” Musalem said in the text of a speech to be delivered to an event at the Peterson Institute for International Economics.

Looking ahead, Musalem indicated he needs more data to decide where he believes monetary policy should go.

“I will continue to update my outlook and my assessment of the balance of risks to

See Full Page