For us thinking about policy going forward, this is unlikely to cause sustained inflation. This is one reason we don't look at energy prices, we look at core. These are better predictors of future inflation.

It becomes bigger if it becomes more permanent. Then you see a jump in prices, and then it starts bleeding through other parts of the economy.

In the 70s, we had massive oil shocks that kept coming and coming. It's not clear this will be one shock after another. So that's why I'm more willing to say this is more of a one-off event.

I've been concerned since last June about how weak the labor market has been. That kind of fragility, it would take a serious shock to have people going a different direction.

If we get another solid jobs report, it looks like the labor market is turning around. A lot of the downside risk I've been worried about for six months is going away.

I was more willing to cut rates because I was more worried about the labor market. If the labor market continues to go weak... why are you just sitting on your hands?