Mr. Daly said recent inflation was a relief but progress would not be smooth; inflation was expected to taper off and the labour market was slowing; the economy looked to be on a more appropriate path to one or two "more or less" rate cuts this year; more information was needed before the next step was fully taken; the fact that so many people were talking about the labour market was quite a signal from the Fed; the labour market had slowed but remained solid.