Fed's Musalem Says Inflation Is Elevated And Being Driven By Persistent Demand Pressures And Supply Shocks; Key To Bring Inflation Back To 2% In Timely Manner And Limit Second Round Effects; To Bring Inflation Back To Target More Monetary Policy Firming Will Be Required; Goes Into All Meetings With An Open Mind; Current Level Of Inflation Requires Fed To Think About Rate Increases; Contacts Mostly Worried About Inflation, Does Not See Job Market Worries