Jerome Powell: “I do think with the arrival of the tariff inflation, further progress may be delayed.”

It is a big risk to our independence if we were to stray into areas where we shouldn’t that really aren’t part of our mandate.

The U.S. economy is in solid shape.

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

In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.