THE MINUTES SHOW ALMOST ALL PARTICIPANTS SAW INFLATION RISKS TILTED TO THE UPSIDE AND JOB MARKET RISKS AS BROADLY BALANCED, WITH SOME SEEING THOSE INFLATION RISKS BECOMING MORE SKEWED IN RECENT MONTHS AND SOME NOTING THE AI BUILDOUT COULD CAUSE AGGREGATE DEMAND TO OUTPACE SUPPLY OVER THE MEDIUM TERM, PUTTING UPWARD PRESSURE ON INFLATION.