The Fed's Balance of Risks

I think it's very hard to read but my best guess is that the consumer which is 70% of the economy appears to be running really quite strong at this point. We've got very strong employment data much faster than population growth. The indicators on wages are a bit mixed but the ones that seem most reliable to me that adjust for changes in the composition of the labor force are showing substantial strength. I don't see the idea that we've got a durable reduction in inflation clearly established nor do I see clear evidence of a slowing coming.