Jerome Powell: “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation.”

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

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

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

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