Concern over a renewed bout of inflation is likely to keep the Fed forecasting much higher interest rates in 2024.
Fed officials led by Chair Jerome Powell are increasingly seeking on-the-ground information about the economy.
Investors may be overestimating the likelihood of interest rate cuts to come, however.
The Fed has raised rates by more than five percentage points over the last 19 months.
A robust economy is shaping the Fed's September meeting discussion.
Following stronger-than-expected reports, economists have boosted GDP forecasts.
He cautioned that too much tightening risks unnecessary pain for the economy.
The Fed is poised to hold steady at their September meeting without yet declaring a victory over inflation.
Two Fed officials spoke after data showed that employment increased at a solid pace in July.
Economists expect further tame inflation readings before the Fed's September meeting.
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