Fed voting member Logan: Inflation does not appear to be falling towards the 2% target, and the Fed may need to raise interest rates this year to curb prices.

The U.S. labor market is "generally balanced," and financial conditions are "relatively loose," but inflation does not appear to be retreating toward the Federal Reserve's 2% target. "If inflation remains above the target level for too long, it could become entrenched," and it was noted that inflation seems to be developing toward a mid-range level of around 2.5%, rather than fully returning to 2%.