Jerome Powell: “The U.S. economy was in solid shape, but warned of very high uncertainty due to the impact of tariffs.”

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.

without the ability to pay interest on reserves, the Fed would lose control over rates

So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.

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.