Jerome Powell: “It’s not the Fed’s job to make or comment on tariff policy. That’s for elected people, and it’s not for us to comment.”

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

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

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

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