Loretta Mester, chairperson of the Cleveland Fed and a member of the 2024 FOMC voting committee, said in an interview with Bloomberg Television that the lower inflation rate in May was good news, but the central bank would need to "watch this for a while" before cutting interest rates. So there is still a lot of work to be done to gain confidence against inflation. Median economic expectations are close to its view of the economy. Hopefully, there will be a few more months of similar inflation data, and it may not reach 2% inflation until 2026.