Jerome Powell: “As you know, we work very hard to achieve diversity, and as all major American institutions, public and private, do…”

So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.

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 slowly, there may be unnecessary losses, painful losses in the employment market.

As long as the economy is in solid shape, we think the prudent thing to do is to wait and see what those effects might be.