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

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

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

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

We do not take into account the fortunes of any political party or politician.