Kevin Warsh: “We understand that the five-plus years of inflation above target cannot be cured in nine weeks — or by a single month of…”

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.

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

Part of the independence of the Federal Reserve is we stay in our lane.

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.