Jerome Powell: “It is very clear that banks have reduced their portfolios of fixed-income securities.”

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

The outlook for employment and inflation does not appear to have changed much since our September meeting

Stopping sooner could have made some difference, but not likely enough to fundamentally alter the trajectory of the economy

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