Jerome Powell: “I want to begin by expressing my appreciation for my predecessor, Chair Janet Yellen, and her important contributions.”

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

I think that's right

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.

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.