Jerome Powell: “This is our principal tool for implementing monetary policy is interest on excess reserves.”

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

We may approach that point in coming months

Job growth, he said, has slowed considerably and that the downside risks to employment are rising.

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