Kevin Warsh: “Part of the independence of the Federal Reserve is we stay in our lane.”

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

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.

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.