LOGAN said inf risks are tilted upward and a still-robust labor market is
modestly strengthening. Monetary policy is not currently restraining the economy
and inf is not moving toward the 2% target; the FOMC should not rely on shocks
to achieve its goal. He said he leans toward a 25bp rate increase to better
balance the outlook and risks, and that recent modest action reduces the
likelihood of needing larger moves later. Absent policy restraint, inf could
remain above target until an unexpected shock occurs.
