Jerome Powell: “The very low settings of interest rates that were appropriate during the crisis and after to support economic activity…”

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

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

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

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