Fed's Daly said that it is uncertain whether the Fed has completed the interest rate hike process; the risk of excessive tightening or insufficient tightening is roughly balanced; data will need to be monitored to determine whether inflation is returning to the path of 2%; it is not yet clear whether interest rates are sufficiently restrictive; it is premature to declare victory over inflation now, but the policy status is good; there should be no surprise about the volatility in the bond market.