Richmond Federal Reserve Bank President Thomas Barkin said on Tuesday that May inflation data was very encouraging, per Reuters.

Fed policymakers not in a hurry to cut rates, looking for further progress in inflation.

Key takeaways

"We are clearly on the back side of inflation."

"Hard to know how much signal to take from inflation last year, or this quarter, or last couple of weeks."

"On the goods side, I hear pricing power is waning."

"On services side, I still think firms are exploring raising prices as much as possible."

"Shelter and services inflation is not quite there."

"I didn't get more confidence in Q1 this year about inflation, we'll see where we go."