The U.S. economy and job market have both shown signs of resilience, Federal Reserve Governor Adriana Kugler said Friday, adding that there are signs that could augur a pull back in consumer spending later in the year.

Despite recent data showing a contraction in U.S. gross domestic product in the first quarter, underlying measures of private sector consumption and investment remained buoyant, Kugler said in response to a question at an event hosted by the Central Bank of Iceland. "So I take that as signals that the real side of the economy is still resilient."

Asked about consumer sentiment in response to President Donald Trump's tariff policies, Kugler said some measures of spending, such as retail sales, have shown signs of "front loading" to beat expected price increases from the tariffs that could reverse later. "You may see some fallback moving forward," she said.