Jerome Powell: “I think, you know, what you have assigned us is literally maximum employment and stable prices, and also financial…”

The Fed’s credibility would be lost.

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