Kevin Warsh: “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we…”

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.

At the moment of truth, there are either reasons or results.

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.