The Fed’s preferred inflation gauge, the core PCE price index, rose 2.5% year-over-year in April, marking the lowest level for the index in over four years.

The core personal consumption expenditures index, which strips away food and energy prices, rose 0.1% for the month and 2.5% for the year.

"The inflation number that printed today, that's good relief for American consumers," Daly said on Fox Business' "Maria Bartiromo's Wall Street," referring to the 2.1% rise in the personal consumption expenditure price index increase last month, the slowest annual increase in four years.