The Fed's Musalem said May retail sales data meant that demand was moderate in the second quarter; it could take "several quarters" to see data supporting a rate cut; the labor market is no longer overheating but still tightening; I would support the Fed to raise interest rates if inflation progress stalls or even reverses; believes there is uncertainty about the degree of policy restraint; and the current stance of monetary policy allows the Fed to be patient and evaluate the data.