Jerome Powell: “There isn’t a modern experience of how to think about this.”

I want to hand over to my successor an economy in good shape.

There are no new water features, there’s no beehives, and there’s no roof terrace gardens

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.

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