I just would say that, for example, the municipal facility--the level of municipal borrowing is set to exceed the all-time annual record this year, and that is because of the backstop of this facility.
Powell discusses the success of the municipal borrowing facility.
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If we move too slowly, there may be unnecessary losses, painful losses in the employment market.
If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.
If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.
The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.
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