Jerome Powell: “What we learned in the course of the last expansion was that we could have unemployment at historically low levels…”

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

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

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

Without the ability to pay interest on reserves, the Fed would lose control over rates