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

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.