This would be a complicated and challenging judgment we would have to make

We don't have to be in a hurry. The economy is resilient and doing fairly well.

[It] doesn’t affect doing our job at all. We're always going to consider only the economic data, the outlook, the balance of risks, and that's it.

if the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slowdown in economic growth, and a rise in unemployment.

the Fed’s obligation is to keep longer-term inflation expectations anchored to make certain that a one time increase in the price level (from tariffs) does not become an ongoing inflation problem.

the Fed would assess which goal – stable prices or maximum employment – is furthest away and prioritize achieving it.

Trump's tariffs could present a potential conflict between its mandate to keep prices stable and promote full employment.

the Fed’s caution is Trump’s own tariff agenda, which is highly likely to generate at least a temporary rise in inflation.

Tariffs could lead to inflation, economic slowdown.

These are very fundamental policy changes.

The level of the tariff increases announced so far is significantly larger than anticipated.

we would consider how far the economy is from each goal