Jerome Powell: “Tariffs this year are likely to push up prices and weigh on economic activity.”

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

Overall, while the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers.

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.

I think that's right