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

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.

I believe optimistically — you might think naively — at least in the United States, we’re going to come out of this stronger with a more durable economy, more capable of leading the world on economic growth.

The Fed will have 'work to do' if price pressures do not ease.

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