Jerome Powell: “The threat of worsening inflation, plus the uncertainty Trump has generated through his trade war and immigration…”

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

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

It is not a foregone conclusion

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