Jerome Powell: “The current economic downturn is the most severe in our lifetimes, and more fiscal support is likely to be needed.”

Without the ability to pay interest on reserves, the Fed would lose control over rates

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

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