Jerome Powell: “We understand that high inflation poses significant hardships, especially on those least able to meet the higher costs…”

The Fed’s credibility would be lost.

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.

We do not take into account the fortunes of any political party or politician.