Risks to inflation are to the upside; a "solid" job market is strengthening somewhat.Inflation will likely continue to trend above target unless there is an unanticipated shock.Monetary policy is not restraining the economy, and inflation is not on course to return to the 2% goal.Would have preferred a quarter-point rate increase to better balance the outlook and risks.Modest Fed action in the near term would reduce the likelihood of needing sharper action later. This article was written by Greg Michalowski at investinglive.com.