Jerome Powell: “The idea that countries that borrow in their own currency can't get into trouble is just wrong. And the idea that debt…”

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.

The Fed’s credibility would be lost.

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