Jerome Powell: “The big parts of the economy that are not operating at full capacity are the ones that are affected directly by COVID.”

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

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

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