Jerome Powell: “I cited that and referred to that in my testimony, so I do not think you can take any single piece of research as wholly…”

So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.

As long as the economy is in solid shape, we think the prudent thing to do is to wait and see what those effects might be.

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

If we're going to do that successfully, we need to do it in a completely nonpolitical way, which means we don't take sides, we don't play one side against the other, we stay out of issues that are really not our bailiwick.