Jobs report doesn't look good on surface; healthcare hiring weakness is concerning. Fed officials see labor market as weak, with some wanting to act while inflation hawks point to oil prices.

Dismisses Hassett's weather excuse; says report must be taken at face value.

March 18th meeting: Fed will sit on hands. April decision depends on war and energy prices. Powell's last meeting might argue against dramatic action.

Austin Goolsbee mentioned stagflation, but current oil price move isn't that big historically. If it continues and gets into other products, it could become a crisis. Not likely to see stagflation now, but Fed will mention it as a danger.