With so much uncertainty, the Fed is wise to stand pat. Inflation was already a problem before the shock. If there's uncertainty, you lean toward being more hawkish, not dovish.

Credit conditions are not restrictive; if anything, they're a little loose, especially with private credit. There's no evidence of a slowdown that would argue for easing.

Expresses concern over recent deregulation weakening key capital requirements like the leverage ratio. With uncertainties like the war and private credit exposures, strong capital is needed.