Jerome Powell: “I think we are experiencing a big uptick in inflation, bigger than many expected, bigger than certainly I expected.”

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

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

We do not take into account the fortunes of any political party or politician.

If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.