Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber.

We are all back at post nine of the New York Stock Exchange. Coming up this hour,

Federal Reserve Governor Stephen Myron is with us as the Fed's path gets cloudier here amid surging energy prices tied to the war.

Plus, Fed Chair Jerome Powell expected to speak and take questions at Harvard this morning.

We're going to take you there live for those remarks.

And counsel on foreign relations president emeritus Richard Haas joins us with the latest on Iran,

as he warns that a, quote, stable Middle East is a long shot at this point.

We'll kick it off, though, with the outlook. Rising energy prices, mounting stagflation concerns.

They have some believing the Fed's next move could actually be a rate hike before the end of the year.

Our next guest has been dissenting in favor of bigger cuts at recent meetings.

Fed Governor Stephen Meyer joins us now for a CNBC exclusive.

Welcome.

Good to have you.

Good morning.

Thanks for having me back.

Has your view changed

at all as a result of the rising oil prices and diesel prices and fertilizer prices about the

outlook for inflation? Yeah. So traditionally, the Federal Reserve looks through in oil price

shock. Now, the reason why we do that is because oil price shocks tend to boost

the price level immediately. They flow through into prices very quickly, gas prices move

higher, but monetary policy only hits the economy with lax. If you change monetary policy

today, it doesn't affect economic growth, it doesn't affect unemployment or inflation for

...