Jerome Powell: “It’s not the Fed’s job to make or comment on tariff policy. ... That’s for elected people and it’s not for us to…”

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

The outlook for employment and inflation does not appear to have changed much since our September meeting

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

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