Jerome Powell: “I think it would remove uncertainty about our trade policy with Mexico and Canada to have that pass.”

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

So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.

Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs.

Part of that is due to the start-stop nature of the tariffs that have been introduced.