Kevin Warsh: “Independence is a two-way street. We let people that do trade policy and fiscal policy stay in their lane, too.”

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.

Inflation data are more concerning than trends on the job market.

Short-term interest rates are the predominant tool the Fed can use to lower inflation.

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