Jerome Powell: “What FedNow will do is it will enable all of the banks, any bank in the United States, not just the big ones, to offer…”

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.

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

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