Jerome Powell: “We try to keep them very separate. And we try not to express views on fiscal policy.”

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

Stopping sooner could have made some difference, but not likely enough to fundamentally alter the trajectory of the economy

Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs.

When you significantly slow the growth of the labor force, you will slow the growth of the economy.