Kevin Warsh: “The Fed will have 'work to do' if price pressures do not ease.”

Short-term interest rates are the predominant tool the Fed can use to lower inflation.

Too many categories are still posting increases above 3 percent on both a six and 12-month basis.

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

Otherwise, we have work to do.