Kevin Warsh: “America's labor force appears to be broadly stable.”

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.

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

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