Jerome Powell: “the path of policy will depend entirely on incoming economic information and what that means for the outlook.”

Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs.

In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.

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

The Fed’s credibility would be lost.