Jerome Powell: “We are not saying they will go down, but we are saying that the increases will be much smaller.”

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

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

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

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