Jerome Powell: “No one should assume that the fed can really protect the economy and the financial system, or our reputation globally…”

If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.

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.

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