Jerome Powell: “I think my baseline expectation is still... that inflation will move back down over the course of next year.”

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

The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

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