Fed Governor Miran (Dove) says Fed should not be making policy based on short-term headlines; it is premature to judge the current situation

Need to be looking at a year and a half, two years out, given the lag in monetary policy.
Historically, energy shocks impact headline inflation, not core inflation.
Policy outlook depends on inflation expectations.
Don't want to respond to oil price shocks in case it leads to a wage price spiral.
Labour market could benefit from additional support.
Many around the FOMC table, including himself, were hesitant to draw conclusions from the Iran conflict.
Needs more clarity on whether policy should react to current events.
Expects higher headline inflation but it is to soon to say if it will impact core inflation.
Higher energy prices depresses demand and can offset some of the inflationary impact.
Fed historically looks through first-round of all price shocks, it would be unusual to focus on them this time around.
Second round effects and wage rises could require a rate hike. But current conditions do not warrant consider rate hikes.
Is watching for broad based second round impacts from higher energy.
Outlook remains for rate cuts.
Pencilled in four rate cuts this year (vs six in December SEPs) - Note, Miran had alluded before the FOMC he sees four 25bps rate cuts this year.
Expects labour market will continue with gradual softening.
Balance of risks got worse on both sides.