Kevin Warsh: “We monetary policymakers need to choose lower prices and that's the commitment my colleagues have made.”

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

There are always areas of concern in the labor market—for example, among recent graduates.

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.

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