Fed's Musalem said that May retail sales data implied moderate demand in the second quarter; it may take "a few quarters" to see data to support a rate cut; the labor market is no longer overheated, but still tight; if inflation progress stagnates, or even reverses, I would support the Fed to raise interest rates; that there is uncertainty about the extent to which policy is restrictive; the current stance of monetary policy allows the Fed to remain patient and assess the data. Uncertainty; the current stance of monetary policy allows the Fed to remain patient and evaluate the data.