Jerome Powell: “Our best expectation is there will be modest upward pressure on prices this year, but they won't be particularly large…”

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.

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

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