Jerome Powell: “To the extent inflation is going up faster than people's wages, it would potentially increase poverty.”

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

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

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.