Jerome Powell: “Our need to sustain the public's trust is the essence of our work. We want the public to understand that we work for all…”

The Fed’s credibility would be lost.

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

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

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