Jerome Powell: “We have certain legal independence, and we think that has served the public well, and we are able to make decisions…”

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.

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

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

Tariffs this year are likely to push up prices and weigh on economic activity.