Fed Governor Stephen Miran: Labor demand isn't strong enough because monetary policy is too tight

• Nonfarm payrolls unexpectedly shrunk in February, with Miran emphasizing the 6-month moving average for job creation.
• Miran suggests monetary policy is 'miscalibrated' and too tight, leading to weak labor demand, particularly for entry-level positions.
• He attributes a significant portion of core inflation to 'phantom inflation' from portfolio management fees and views rising oil prices as a temporary, demand-pulling shock that should not warrant hawkish Fed action.

Fed Governor Stephen Miran discusses the February jobs report, stating that nonfarm payrolls unexpectedly shrank. He believes current monetary policy is 'miscalibrated' and too tight, hindering labor demand. Miran argues that the Fed is 'chasing phantom inflation' primarily driven by portfolio management fees and that higher oil prices are a temporary shock that should not lead to tighter policy.