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

While uncertainty remains elevated, it is now becoming clear that the tariff increases will be significantly larger than expected.

highly likely to lead to at least a temporary rise in inflation

it is also possible that the effects could be more persistent

Looking ahead, higher tariffs will be working their way through our economy and are likely to raise inflation in coming quarters.

It is not permitted under the law for the president to fire or demote him or any of the other Fed governors with leadership positions.

I do think with the arrival of the tariff inflation, further progress may be delayed.

I wouldn’t say we’re in a situation that’s remotely comparable to that is likely.

They’re unhappy and they’re not wrong to be unhappy that prices went up quite a bit and they’re paying a lot for those things.

And I completely understand and accept that.

the Fed's understandably cautious stance also opens the door for the Committee to be late to the party

It’s a pretty good economy.