Jerome Powell: “The Fed’s caution is Trump’s own tariff agenda, which is highly likely to generate at least a temporary rise in…”

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

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

The Fed’s credibility would be lost.