Jerome Powell: “In my view, the most important thing is to get control of the pandemic.”

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

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.

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