Kevin Warsh

Progress on inflation over the past several years has been modest

The Fed’s job to deliver stable prices

As with other legacies of crises past, I believe that the practice has overstayed its welcome,

On that score, both Main Street and Wall Street have been resilient,

The Fed's predominant focus right now should be on prices

We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.

Their recommendations will come later and have no bearing on decisions we make in the current policy conjuncture.

To borrow a line from General Chuck Yeager, 'At the moment of truth, there are either reasons or results.'

A quieter Fed, more purposeful in its communications, is better able to meet its objectives.

I’m not alone in noticing that forward guidance in 2021, to cite one example, might well have slowed the policy response to high inflation.

Oversharing policy deliberations and overcommitting to future decisions can lead markets, businesses, and households astray.

Let’s be equally clear about another aspect of the objective: price stability is not self-executing, nor is inflation necessarily mean-reverting.