Chairman Kevin Warsh insists that the Fed remains committed to its 2% inflation objective. “There is no soft inflation target,” he told reporters. But the Federal Reserve still refuses to admit that interest rates cannot repair supply shortages, end wars, produce energy, or reverse reckless fiscal policy. This is why the belief that the Federal Reserve controls inflation with a single interest-rate lever is nonsense. President Trump again demanded lower interest rates and declared that the United States “should have the lowest rates in the world.”