Kevin Warsh: “We understand that the five-plus years of inflation above target cannot be cured in nine weeks — or by a single month of…”

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.

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

The Fed will have 'work to do' if price pressures do not ease.

Otherwise, we have work to do.