Jerome Powell: “Growth is definitely stronger than we thought, and inflation is coming a little higher.”

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

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

In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.