According to online reports, St. Louis Fed Chairman Musalem said that the U.S. economy is expected to continue to expand this year, but recent weaker-than-expected consumption and housing data and reports from business contacts have raised concerns about possible risks to economic growth. He said: "The prospects for sustained and steady economic growth are good, the labor market is healthy, and financial conditions are supportive. But recent data has been weaker than expected, with some signs that business activity has slowed, or at least a sign that some companies are more cautious." He said he currently believes that current monetary policy is "moderately restrictive," an appropriate setting given that inflation is still above the Fed's 2% target. "To achieve price stability, more monetary policy work is needed." He agreed with the Fed's current "patient" attitude towards further interest rate adjustments.