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

It is not a foregone conclusion

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.

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