A handful of Federal Reserve officials spoke Friday, with New York Fed President John Williams saying the central bank is hearing reports that consumers are reducing some discretionary spending, governor Adriana Kugler saying the labor market is likely near the Fed's maximum employment goal, and Cleveland Fed chief Beth Hammack saying trade and fiscal policy uncertainty could keep the central bank in its wait-and-see stance on interest rates for longer.

Meanwhile, governor Christopher Waller said the U.S. economy has been served well by a system in which Fed officials can’t be dismissed before the end of their terms.

On the trade war front, the U.S. and China unwound for now most of the tariffs they had imposed on each other since April in a surprise de-escalation.

New York Fed President John Williams said the U.S. economy and interest-rate policy have been in a “good place” heading into the current environment of high uncertainty due to unpredictable and sudden changes in tariff policy. In an interview on Bloomberg TV, Williams suggested officials were playing close attention to what consumers are doing—and not just what they are saying. Consumer sentiment has been downbeat recently.

• Waller: Economy Benefits From Stability When Central Bankers Are Hard to Remove
• Hammack Says Fed Could Stay on Hold for a While

A few days ago, it would have seemed almost impossible, but on Monday, to the surprise of global investors and everyday businesses fearing a trade war, the U.S. and China agreed to a major de-escalation. The world’s two biggest economies unwound for now most of the tariffs they had imposed on each other since April in a tit-for-tat battle that had threatened to upend the global economy. The U.S. agreed to lower to 10% the so-called reciprocal tariffs levied on China, which President Trump had ratcheted up to 125%. China agreed to cut its retaliatory tariff on U.S. goods to 10% from 125%.

Hamburgers and steaks for your summer cookout look to be more expensive than ever, with U.S. beef prices hitting record highs. Cattle futures, wholesale beef cutout prices and retail prices are all soaring heading into the summer months. Companies like Tyson Foods have been struggling with a sharp climb in costs, in part because of cattle inventories being at their lowest in generations while consumer demand for beef continues to be exceptionally strong.

• There’s a National Egg Crisis, and One Company Is Making a Lot of Money

Trade news remains the main focus for investors, but economic data will still be watched closely for indications of how tariff uncertainty has affected U.S. economic activity. U.S. inflation data, retail sales and the University of Michigan’s consumer survey for May will attract plenty of attention.

10:25 a.m.: Fed Governor Adriana Kugler speaks on economic outlook at National Association for Business Economics and Central Bank of Ireland symposium
1 p.m.: SEC Crypto Task Force roundtable

2 a.m.: UK monthly unemployment figures
6 a.m.: U.S. NFIB Index of Small Business Optimism
8:30 a.m.: U.S. Consumer Price Index
9 a.m.: Johnson Redbook Retail Sales Index
11 a.m.: Federal Reserve Bank of New York Q1 Household Debt and Credit Report

• Canada’s jobs market is showing signs of cracking under the strain of the trade war with the U.S., as April’s unemployment rate pushed to a five-month high and hiring all but ground to a halt.
• The U.K.’s top statistician stepped down, paving the way for new leadership of the country’s under-fire statistics agency at a time when it faces a government review into its performance.
• China’s consumer prices continued to decline in April, suggesting Beijing’s previous efforts to boost domestic consumption haven’t been successful in persuading cautious Chinese households to open their wallets as steep U.S. tariffs cloud growth prospects.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by Michael Maloney in New York. Send your tips, suggestions and feedback to michael.maloney@wsj.com.