Federal Reserve Bank of San Francisco President Mary Daly emphasized a gradualist approach to monetary policy, stating she does not want to react quickly when the world is changing quickly. She expressed a preference for taking things slowly during a recent public appearance. Daly observed exceedingly strong investment growth in the U.S., noting no signs of a lack of economic resiliency despite inflation running above target. She characterized this resilience as a positive indicator for the U.S. economy.

Daly stated that the labor market has stabilized, providing a steady foundation for economic activity. Addressing price pressures, she attributed the rise in inflation to tariffs and oil price shocks. However, she expressed optimism that relief may be on the horizon as oil prices have declined.

Regarding the policy stance, Daly described U.S. monetary policy as slightly restrictive. She indicated that this positioning is intended to assist in reducing inflation over time. Her comments suggest a cautious but optimistic outlook on the economy's ability to withstand current monetary tightening measures.

The remarks underscore the Federal Reserve's ongoing assessment of the balance between sustaining economic growth and managing inflationary pressures. Daly's focus on investment strength and labor market stability points to an economy that remains robust even as central bank officials work to return inflation to target levels.

Couples are spending significantly more to get married in 2026 as tariffs and inflation push up the cost of everything from flowers to catering, according to a new report released this week by Bank of America Institute. Wedding-related spending rose 8.5% year over year through May, based on aggregated credit card, debit card and bank transfer data from Bank of America customers. The report tracked spending on wedding-related services such as venue rentals, catering, photography, florists and apparel.

The increase comes as broader inflation remains elevated. In May, U.S. consumer inflation climbed to 4.2%, the highest level since April 2023, as energy and service costs continued rising.

Tariffs Add Pressure

Bank of America said rising prices are a major reason wedding spending continues climbing. Tariffs have added fresh pressure on small businesses serving the wedding industry, especially vendors relying on imported goods. Tariff-related uncertainty has also remained elevated. Recent supply-chain data showed U.S. retailers are accelerating imports from China ahead of potential tariff increases later this year, pushing shipping costs higher and adding pressure to imported goods such as décor, fabrics and specialty wedding supplies.

Flowers are one major example, since much of the floral supply sold in the U.S. comes from overseas. Imported commodities such as cocoa, commonly used in desserts and chocolates, have also become more expensive, forcing many vendors to pass higher costs to customers.

Cost and Affordability

The average U.S. wedding cost reached $36,000 in 2025, up $3,000 from the prior year, according to Zola data cited in the report. Affordability has already become a growing concern for couples. Earlier survey data from Zola showed 84% of couples said weddings cost more than two years ago, while 78% worried tariffs would push prices even higher. About 31% said they were using credit cards or personal loans to help cover wedding expenses.

Gen Z Drives Demand

Despite rising costs, wedding demand remains strong, particularly among younger consumers. Bank of America found that the number of Gen Z weddings has tripled since 2019, while millennial weddings have fallen roughly 20% over the same period, suggesting marriage activity is shifting toward younger Americans. Wedding activity also remains highly seasonal. May continues to be the busiest month for wedding-related spending, followed by October.

Spending trends are also evolving as couples look for ways to manage costs without sacrificing the overall experience. More consumers are choosing lab-grown diamonds over natural stones because of lower prices, while fewer households are purchasing formal attire, suggesting growing interest in renting, thrifting or rewearing outfits.