Fed says serious labour shortage would probably push up wages

Fed Congress monetary policy report

Labour market now near or a little beyond full employment
Pace of wage gains are moderate nad have been held down by low productivity
Vulnerabilities In The Overall U.S. Financial System Are Moderate On Balance
Financial Sector Vulnerabilities Are Low; Nonbank Financial Leverage Increasing In Some Areas
It Sees Elevated Valuation Pressures Across A Range Of Assets Even After Accounting For Corporate Tax Cut And Current Treasury Yields
Equity Markets Have Been Volatile; Notes That Options-Based Measure Of Volatility Ended February Close To Historical Norm
Sharp Price Increases For Virtual Currencies Are Consistent With Elevated Risk Appetite
Household Debt Increasing Modestly; Leverage In Business Sector Elevated, Particularly For Speculative Grade Firms

The full shebang is here