Jerome Powell: “We don't see it as at all appropriate for us to tell banks what legal businesses they can lend to; that is not our role.”

The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.

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

We may approach that point in coming months

Without the ability to pay interest on reserves, the Fed would lose control over rates