Jerome Powell: “I would say in a range--you know, the truth is that there are big uncertainty bands around these forecasts.”

If we're going to do that successfully, we need to do it in a completely nonpolitical way, which means we don't take sides, we don't play one side against the other, we stay out of issues that are really not our bailiwick.

I do think that’s right.

Part of that is due to the start-stop nature of the tariffs that have been introduced.

So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.