Jerome Powell: “I think it is very clear that some countries, and China in particular, have less open trading systems than we would…”

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

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

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

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