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. So 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.