St. Louis Fed President: The time for the Fed to moderately lower interest rates is coming. On Thursday (August 15th) local time, St. Louis Fed President Musalem said he believes the time for the Fed to moderately lower interest rates is coming. Musa Lem gave a speech in Louisville, Kentucky on Thursday, stating that inflation has returned to the right track, continuing to decline to the target level of 2%, and the labor market no longer poses a risk to inflation. Musalam, 55 years old, began serving as the Chairman of the St. Louis Federal Reserve in April of this year.