Jerome Powell: “My expectation is that we will see some relief on the supply side, as the year goes on.”

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

We do not take into account the fortunes of any political party or politician.

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

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