Jerome Powell: “Our debt is growing faster than our economy by a margin. And so I think by definition that makes it unsustainable.”

The outlook for employment and inflation does not appear to have changed much since our September meeting

The Fed’s credibility would be lost.

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

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