Jerome Powell: “I think my confidence in that is lower than it was because of the data that we've seen.”

We may approach that point in coming months

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

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

We do not take into account the fortunes of any political party or politician.