St. Louis Fed's Musalem: Tighter monetary policy is needed 'soon'

St. Louis Federal Reserve President Alberto Musalem said Friday that firmer monetary policy will need to be implemented in the near future. "I judge that additional firming of monetary policy will be necessary, and soon," Musalem said in prepared remarks for the Shadow Open Market Committee, a gathering of economists focused on the central bank. Musalem's comments offer the first morsels of insight into what leaders at the Fed see next following Wednesday's decision to hold interest rates steady . It will also bolster the view among investors that the Fed will return to hiking rates at its next meeting in December.