Jerome Powell: “Wage growth comes into really both of those things. It comes into maximum employment. It also comes into inflation.”

In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.

As long as the U.S. economy is in solid shape, the prudent thing to do is to wait and learn more and see what the effect might be.

It is a big risk to our independence if we were to stray into areas where we shouldn’t that really aren’t part of our mandate.

I want to hand over to my successor an economy in good shape.