The rate of resource utilization is high, as can be seen most clearly in the tightness of the labor market.

NPR: Bernanke: U.S. Growth 'Moderate' as Inflation Rises

Moreover, if the economy grows at a moderate pace for a time, as seems most likely, pressures on resource utilization should ease.

NPR: Bernanke: U.S. Growth 'Moderate' as Inflation Rises