Jerome Powell: “It is actually really important that we achieve our 2 percent target because our credibility is important on that front.”

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.

Part of that is due to the start-stop nature of the tariffs that have been introduced.

I won’t bow to political pressure when it comes to setting monetary policy.

I haven’t heard that.