According to the Financial Times of the United Kingdom, the President of the Federal Reserve Bank of St. Louis in the USA, Moselem, admitted that the labor market has cooled down in recent months, but given the low unemployment rate and potential economic strength, he remains optimistic about the outlook. Moselem supported rate cuts in September. He said that the business sector is in a "good state", overall activity is "robust", and added that large-scale layoffs do not seem to be "imminent". However, he acknowledged that the risks facing the Fed may require it to cut interest rates faster. He said: "I realize that the economy may be weaker than I currently expect, and the labor market may be weaker than I currently expect." "If that's the case, then accelerating the pace of rate cuts may be appropriate."