Kevin Warsh: “I’m not in the business of trying to prejudge what the (Federal Open Market) committee I’m honored to lead decides.”

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

Too many categories are still posting increases above 3 percent on both a six and 12-month basis.

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.