Fed Chair Warsh Says Plain Fact Is Inflation Is Too High And Has Been For Too Long; Summer Data Does Not Tell Me Inflation Situation Has Improved; Too Many Categories Are Posting Increases Above 3% On Both 6 And 12 Month Basis; In July We Expressed Joint Readiness To Act; We Must Be Confident Underlying Inflation Must Be Moving To 2% On Timely Basis; FOMC Decided This Has Not Been Met; Did Not Submit A Dot; Fed Has A Role In Sustaining Economic Progress Occurring Right Now