St. Louis Fed's Musalem says more hikes will be needed to tame inflation

St. Louis Fed President Alberto Musalem said Thursday that "more monetary policy firming will be required" to bring inflation back to 2 percent in a timely way. He said he had not prejudged the October 27-28 meeting.

He suggested rates should rise further over the next six to nine months, and said financial conditions remain accommodative. Musalem is not a voting member of the rate-setting committee this year.

The Fed's target range is 3.75 to 4 percent after the September hike. Traders expect a hold this month and a hike in December, Reuters reported.