Jerome Powell: “The U.S. economy is now in a good place. At the moment, unemployment is low, prices are near 2 percent inflation, so…”

The Fed’s credibility would be lost.

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

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

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