Federal Reserve officials weigh weaker February jobs data and inflation ahead of March 17–18 meeting

On March 7 2026, Federal Reserve officials reacted to February’s weaker labor report showing nonfarm payrolls down by 92,000 instead of the 50,000 gain economists had expected. Mary Daly highlighted that a softening jobs market alongside inflation above the 2% goal complicates the next rate decision, while Stephen Miran and Michelle Bowman argued the data supports additional cuts and more policy support for employment. Futures traders moved to price in earlier and possibly deeper rate reductions by year-end.