Fed's Musalem: It may take several quarters to see data supporting rate cuts

Fed's Musalem said that May's retail sales data means moderate demand in the second quarter; it may take "several quarters" to see data supporting rate cuts; the labor market is no longer overheated, but it is still tightening; if inflation progress stagnates or even reverses, I will support the Fed's rate hike; I believe there is uncertainty about the degree of policy restrictiveness; the current monetary policy stance allows the Fed to remain patient and evaluate the data.