Jerome Powell: “The possibility of financial stability disruptions from physical risks, quote, 'doesn't seem likely in the near term,'…”

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

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

The Fed’s credibility would be lost.

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