The Globe and Mail reports in its Friday, Aug. 23, edition that U.S. Federal Reserve policy-makers indicated their support for interest rate cuts starting next month, as inflation has decreased and the labour market is cooling. A Reuters dispatch to The Globe reports that the Philadelphia Fed Bank president Patrick Harker stated, "I think we need to start this process of lowering rates," while suggesting a slow, methodical approach. Boston Fed president Susan Collins also signalled her likely support for a rate cut, emphasizing the need for a gradual, methodical pace once a different policy stance is in place. However, Kansas City Fed Bank president Jeff Schmid expressed a more cautious view, stating that there is still time to consider the data before the September meeting and highlighting the importance of monitoring the recent rise in the unemployment rate. He said, "It bears looking harder" at the recent rise in the unemployment rate, which measured 4.3 per cent in July. The central bank is widely expected to begin reducing its benchmark policy rate at its upcoming meeting, with most Fed officials encouraged by positive inflation data and concerned about the health of the job market.