Kevin Warsh: “Prices reacted in real time to incoming information and the reduction in forward guidance may have been a factor.”

Inflation data are more concerning than trends on the job market.

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

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

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.