Jerome Powell: “What's tended to happen is when there's turmoil in the Middle East, you may see a spike in energy prices.”

I would agree that climate is the biggest risk.

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

The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.

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.