Fed Governor Coogler said a rate cut later this year may be appropriate if the economy develops as she expects. Coogler said that while inflation remains too high, recent data has left her cautiously optimistic that inflation is moving toward the 2 percent target. After inflation picked up in Quarter 1, Coogler said more recent information about economic activity, the job market and inflation points to new progress in the economy. Notably, an important measure of inflation fell for a second straight month in May. Further progress is likely to be "gradual," she added, but she remains optimistic that improving supply and cooling demand will support a sustained slowdown in inflation.