Our obligation is to keep longer-term inflation expectations well anchored.

significantly larger than expected

Looking ahead, higher tariffs will be working their way through our economy and are likely to raise inflation in coming quarters.

While uncertainty remains elevated, it is now becoming clear that the tariff increases will be significantly larger than expected.

highly likely to lead to at least a temporary rise in inflation

At the Fed, we are squarely focused on achieving the dual-mandate goals Congress has given us of maximum employment and stable prices

I will say, though, it feels like we don’t need to be in a hurry.

it is also possible that the effects could be more persistent

We're here because of Planned Parenthood not being a qualified provider in South Carolina, but would this open the floodgates of people bringing lawsuits because they can't see the provider of their choice?

That seems pretty empty because it would be just kind of throwing a number out there for the sake of throwing a number.

I do think with the arrival of the tariff inflation, further progress may be delayed.

It is not permitted under the law for the president to fire or demote him or any of the other Fed governors with leadership positions.

I wouldn’t say we’re in a situation that’s remotely comparable to that is likely.

the Fed's understandably cautious stance also opens the door for the Committee to be late to the party

And I completely understand and accept that.

It’s a pretty good economy.

They’re unhappy and they’re not wrong to be unhappy that prices went up quite a bit and they’re paying a lot for those things.

Uncertainty around the economic outlook has increased.