Jerome Powell: “Congress really needs to raise the debt ceiling--that is the only way out.”

If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

If we move too slowly, there may be unnecessary losses, painful losses in the employment market.

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