Kevin Warsh: “Their recommendations will come later and have no bearing on decisions we make in the current policy conjuncture.”

Independence is a two-way street. We let people that do trade policy and fiscal policy stay in their lane, too.

But what we can do and will do is ensure that any change in relative prices don’t broaden out, don’t have second and third order effects on the economy.

The plain fact is that inflation is too high, and has been for too long.

In general, though, people who want to work, by and large, are holding or finding jobs.