Fed’s Miran: Fed typically does not respond to oil prices

Stephen Miran, Federal Reserve (Fed) governor said that he is hesitant to read too much into one month’s job report and that policy, adding that if anything, it biases him towards an even more dovish policy in an interview with CNBC on Friday.

Key takeaways:

Hesitant to read too much into 1 month's job report.

Policy is miscalibrated, monetary policy is too tight.

Fed typically does not respond to oil prices.

If anything it biases me toward even more dovish policy.

There's no inflation pressure in rents.

Neutral is like 2.5% to 2.75%.

Planning is tough for me now, will continue to holdover until someone is confirmed in my seat.”