"The upshot is that monetary policy is well into restrictive territory. Leaving short-term interest rates roughly two percentage points too tight risks unnecessary layoffs and higher unemployment," Miran said. He also penciled in half-point cuts at the Fed's next two meetings, a projection that he acknowledged "diverges from those of other FOMC members." "I believe there is limited room for easing further without policy becoming overly accommodative, and we should tread cautiously," said Musalem, a voter on Fed policy this year. "Monetary policy should continue to lean against persistence in above-target inflation...Overemphasizing the labor market...could do more harm than good."