Jerome Powell: “The Fed's understandably cautious stance also opens the door for the Committee to be late to the party”

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

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

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

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