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

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

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

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

It is not a foregone conclusion