Fed's Musalem Says Labor Market Stable, Around Full Employment And Not A Source Of Inflation Pressure; Commodity Shock Is More Than Just Oil, Includes Base Metals Like Copper; Better For Rate Hikes To Be 'Earlier And Incremental' Rather Than 'Later And Larger'; Even When Stripping Out Supply-Related Factors, Inflation Is Still 'Too High' At Up To 3%; Business Contacts Say They Are Planning On Price Increases 'Closer To 3%'