02:40 PM EST, 03/03/2025 (MT Newswires) -- St. Louis Federal Reserve President Alberto Musalem (voter) said that a "patient" approach to monetary policy is appropriate given the level of inflation remains above the Federal Open Market Committee's 2% target and labor markets remain healthy.

Musalem added that inflation expectations need to continue to be monitored to ensure that they remain well-anchored.

Recent comments of note:

(Feb. 27) Philadelphia Fed President Patrick Harker (nonvoter) said that the current policy rate is restrictive enough to lower inflation, but not enough to damage the rest of the economy and should be given time to work before further reductions are considered. He added that policy decisions should not be made based on one month's data.

(Feb. 27) Kansas City Fed President Jeff Schmid (voter) said that the FOMC must remain vigilant given the uptick in inflation expectations and recent inflation data that show progress toward the 2% inflation goal may have stalled.

(Feb. 25) Richmond Fed President Tom Barkin (nonvoter) said that the FOMC should remain cautious in the face of uncertainty and suggested that tighter policy may be needed if inflation headwinds persist. The FOMC should remain "modestly restrictive" until it is certain that inflation is moving down to the 2% target.