The weak jobs report is a disappointment, but the labor market has been stabilizing. Inflation is still around 3%, above target for five years.

I think we're right around neutral on policy. The economy performing well suggests we're not overly restrictive.

As I see it, I think we could be on hold for quite some time.

On oil prices: It's too soon to say. I'm looking for how big and for how long. It could mean more persistent inflation or a drop-off in demand.