Jerome Powell: “if not contained and reversed, the downturn could further widen gaps in economic well-being”

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

I want to hand over to my successor an economy in good shape.

Job growth, he said, has slowed considerably and that the downside risks to employment are rising.

So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.