Kevin Warsh: “I’m not in the business of trying to prejudge what the (Federal Open Market) committee I’m honored to lead decides.”

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

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

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.