Jerome Powell: “I am worried about a lot of these stablecoins and other cryptocurrencies. Do they go to zero when we come up with a CBDC…”

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

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

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

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