Jerome Powell: “The net effect of these policy changes that will matter for the economy and for the path of monetary policy.”

The Fed’s credibility would be lost.

I want to hand over to my successor an economy in good shape.

Part of that is due to the start-stop nature of the tariffs that have been introduced.

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.