Jerome Powell: “It is certainly an important indicator.”

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

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.

If we move too slowly, there may be unnecessary losses, painful losses in the employment market.

It is a big risk to our independence if we were to stray into areas where we shouldn’t that really aren’t part of our mandate.