Jerome Powell: “I certainly think that our supervision has been shown to have been lax in not being assertive enough.”

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

It is not a foregone conclusion

The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.

If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.