Jay Powell

And the reason is that monetary policy can be used through an election cycle to affect the economy in a way that will be politically worthwhile.

The U.S.

economy expanded at a solid pace last year and is coming into 2026 on a firm footing.

While job gains have remained low, the unemployment rate has shown some signs of stabilization.

and inflation remains somewhat elevated.

Since last September, we've lowered our policy rate 75 basis points or three quarters of a percentage point, bringing it within a range of plausible estimates of neutral.

This normalization of our policy stance should help stabilize the labor market while allowing inflation to resume its downward trend toward 2% once the effects of tariff increases have passed through.

Stay out of elected politics.

Don't get pulled into elected politics.

Don't do it.

Some people did want to cut and dissented, but committee pretty broadly for holding today.

We still have some tension between employment and inflation, but it's less than it was.

I think that the upside risks to inflation and the downside risks are probably both diminished a bit.

So, you know, we'll be looking at that.

There are different views on the committee and, you know, we'll find our way forward as the data evolve.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.

The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.

Public service sometimes requires standing firm in the face of threats.

I will continue to do the job the Senate confirmed me to do.

That was Fed Chair Jay Powell.