Jerome Powell: “Yes, I would say that the labor market has strengthened.”

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.

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

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