Kevin Warsh

None of these measures are perfect, but they all tell a similar story: inflation is running above our 2% target.

Here is my standard: we must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed.

The central bank's priority is to "keep inflation moving down" while avoiding unnecessary shocks to the economy.

If inflation continues to be elevated through the forecast period, interest rates could well be part of that solution, but I wouldn’t say it’s in isolation.

There is no soft implicit target: not on this committee’s watch. There’s only a target and it’s 2%. This Fed will not waver … Our credibility rests on performing our duties and delivering on our responsibilities.

Did the Fed take an explicit change in its policy rate today? No, but I think that's the beginning of the story, not the end of the story.

Markets have made decisions because we stepped back, in part, from trying to influence those markets.

Prices reacted in real time to incoming information and the reduction in forward guidance may have been a factor.

We understand that the five-plus years of inflation above target cannot be cured in nine weeks — or by a single month of modest price decreases.

Over the long term, my best guess is this will improve the real wages and will help us on full employment.

Job creation has kept pace with the workforce.

America's labor force appears to be broadly stable.