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(Reuters) - It will soon be appropriate for the Federal Reserve to begin a rate-cutting cycle, Boston Fed President Susan Collins said on Thursday, signaling her likely support for a rate cut at the U.S. central bank's policy meeting next month.

"We've seen quite a lot of reduction in inflation. The reduction to me is consistent with more confidence that we are on that trajectory and with labor markets healthy overall, I do think that soon it is appropriate to begin easing," Collins said in an interview with Fox Business.

"I think a gradual, methodical pace once we are in a different policy stance is likely to be appropriate," Collins added, as she noted that preserving the health of the labor market is a priority.