Fed chairrman Jerome Powell has previously said a 50 basis-point increase was on the table for the Fed's May-3-4 meeting.
Fed officials lifted their benchmark lending rate off zero this month with a quarter-point increase.
St. Louis Fed President James Bullard dissented in favor of a half-point hike on Wednesday.
They stressed the need to confront the hottest U.S. inflation in 40 years.
Millennials and Gen X workers are less responsive to wage changes than boomers were, the Fed says.
Surging inflation has spurred some U.S. central bankers to revise up their outlook for rate increases this year.
St. Louis Fed President James Bullard's plan involves spreading the increases over three meetings.
A high CPI print could lead the Fed to raise rates by half a point for the first time since 2000.
Traders see a greater likelihood that the Fed will start tightening with the first half-percentage-point increase since 2000.
Central bank officials stressed today that they will proceed with caution when considering rate increases.
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