Jerome Powell: “highly likely to lead to at least a temporary rise in inflation”

If we're going to do that successfully, we need to do it in a completely nonpolitical way, which means we don't take sides, we don't play one side against the other, we stay out of issues that are really not our bailiwick.

As long as the economy is in solid shape, we think the prudent thing to do is to wait and see what those effects might be.

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

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