Recently, a voting member of the Philadelphia Fed's policy committee has sent some interesting signals. She means that if inflation truly cools down, the federal funds rate could indeed see a new round of adjustments, but this won't be rushed in the short term. Her attitude on whether price pressures will ease in the coming months is cautiously optimistic—there are expectations, but also room to back off.

Looking at the details of her speech, her logic is quite clear: if inflation cools while the economy remains on track, a moderate adjustment to the federal funds rate in the second half of this year is reasonable. However, she is quite conflicted about the employment data. The labor market has both good and bad signs; job seekers are under noticeable pressure, but it hasn't reached the point of collapse. She means that more real data is needed to judge the situation; she can't speak based on feelings. This is also her first full year as a member of the Federal Reserve's policy committee, so her cautious attitude is understandable.