Will find out today if the labour market is turning a cornerJanuary job gains were concentrated, did not give comfort that economy as a whole was doing wellExpect January jobs number to be revised downCould see the March meeting going either way depending on the dataDon't see a lot of tariff price risk left at this pointPeople will see a spike in gas prices an be shockedBut it is unlikely to cause sustained inflationIf the conflict lasts longer, then it could have a broader impactThose are some interesting comments though I'm not too sure what he is really implying by the March meeting possibly "going either way". As things stand, traders are not expecting any interest rate moves by the Fed until after the summer at least. The US-Iran conflict has definitely changed the landscape in that regard.The odds of the Fed leaving policy unchanged in March are at ~96% currently, according to Fed fund futures. And the next full 25 bps rate cut is only priced in for October now. That's been kicked down from July ever since last week. And for the remainder of the year, traders are only seeing ~35 bps of rate cuts priced in. That is a far cry from the ~58 bps before the conflict began.As for his take on inflationary pressures stirred up by the Middle East situation, that is pretty much the default answer that every central banker will be giving in the days/weeks ahead. I wouldn't expect anything different. This article was written by Justin Low at investinglive.com.