In an interview with Fox Business, Federal Reserve (Fed) Bank of Boston President Susan Collins said that it will soon be appropriate to begin cutting rates, per Reuters.

Key takeaways

"Labor market overall is quite healthy, and want to preserve that."

"Unemployment is still low and jobless claims indicate orderly rebalancing."

"Fed is in a healthy position overall and important to preserve that."

"Data will guide pace of rate cuts."

"Data on inflation are consistent with more confidence inflation getting back to 2%."

"Gradual, methodical pace of cuts once we are in different policy stance likely to be appropriate."

"Still see quite a bit of continued resilience among consumers, also stress pockets though."

"Preserving healthy labor market is a priority."