Jerome Powell: “Progress is probably delayed for the time being.”

As long as the U.S. economy is in solid shape, the prudent thing to do is to wait and learn more and see what the effect might be.

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

If we're going to do that successfully, we need to do it in a completely nonpolitical way, which means we don't take sides, we don't play one side against the other, we stay out of issues that are really not our bailiwick.

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