Jerome Powell: “At the Fed, we are squarely focused on achieving the dual-mandate goals Congress has given us of maximum employment and…”

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

The Fed’s credibility would be lost.

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

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