Jerome Powell: “It’s not a situation where we can be pre-emptive, because we actually don’t know what the right response to the data…”

We do not take into account the fortunes of any political party or politician.

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.

Rising downside risks to employment have shifted our assessment of the balance of risks