Jerome Powell: “Community banks were essential in the PPP program. They were a critical part of the distribution mechanism.”

If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.

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

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