Kevin Warsh: “Our mandate at the Fed is to promote price stability and maximum employment.”

At the moment of truth, there are either reasons or results.

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

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.