Jerome Powell: “So our part of it is to try to get inflation under control, and that is what we are doing, and ideally we will do that…”

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.

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

The U.S. economy is in solid shape.

As long as the economy is in solid shape, we think the prudent thing to do is to wait and see what those effects might be.