Recently, there have been debates within the Federal Reserve regarding the post-pandemic surges in corporate profits and labor costs, and how these factors are contributing to high inflation. Inflation has been improving much slower than expected. Meanwhile, labor costs have risen faster than expected, and some see this as a sign that the labor market is still too tight. There are also concerns regarding the low unemployment rate and higher concentration of inflation in labor-intensive industries.
See "As inflation persists, US Federal Reserve looks at high labor costs and debates the impact of these labor market conditions on the economy", Howard Schneider, Reuters, April 28, 2023