There isn’t a modern experience of how to think about this.

For the time being, we are well positioned to wait for greater clarity.

We understand that elevated levels of unemployment or inflation can be damaging and painful for communities, families, and businesses.

Unemployment is likely to go up as the economy slows.

The same is likely to be true of the economic effects, which will include higher inflation and slower growth.

Sometimes the surveys are very negative, but they keep spending.

While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.

We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation.

it feels like we don’t need to be in a hurry.

Our obligation is to keep longer-term inflation expectations well anchored.

At the Fed, we are squarely focused on achieving the dual-mandate goals Congress has given us of maximum employment and stable prices

I will say, though, it feels like we don’t need to be in a hurry.