Jerome Powell: “We owe you, and the public in general, clear explanations of what we are doing and why we are doing it.”

Rising downside risks to employment have shifted our assessment of the balance of risks

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

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

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