Federal Reserve (Fed) Chairman Jerome Powell said there is tension between the Fed’s two goals while participating in a moderated discussion in an economics principles class at Harvard University in Cambridge, according to Reuters.

Key conclusions

“At this point, it makes sense that there is no unanimity.”

“Overall, research shows that buying long-term assets lowers interest rates and supports the economy.”

“I would be convinced there is something to it.”

“We didn’t really see the risks to the large balance sheet that many had predicted.”

“We intend to permanently return inflation to 2%.”

“Tariff inflation is a one-off price increase that increases inflation by half to a full percentage point.”

“Events in the Middle East affect gas prices.”

“The policy is in a good place to wait and see how the current situation develops.”

“The tendency is to ignore supply shocks, but pay attention to inflation expectations.”

“Inflation expectations appear anchored.”

“We don’t know what the economic impact of the current situation will be.”

“The Fed must be fully independent, but regulations are different, especially since Dodd-Frank.”

“The whole idea is to be apolitical.”