If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.

We do not take into account the fortunes of any political party or politician.

The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.

It is not a foregone conclusion

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

the outlook for employment and inflation does not appear to have changed much since our September meeting

Stopping sooner could have made some difference, but not likely enough to fundamentally alter the trajectory of the economy

We may approach that point in coming months

Rising downside risks to employment have shifted our assessment of the balance of risks

If we move too slowly, there may be unnecessary losses, painful losses in the employment market.

without the ability to pay interest on reserves, the Fed would lose control over rates