Jerome Powell: “I think a more protectionist approach to trade, if it is sustained over a period of time, has not historically been good…”

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

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

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