PANews reported on July 2 that according to Jinshi Data, Fed Chairman Powell said that inflation may return to 2% by the end of next year or the year after. He pointed out that the Fed's policy is still restrictive and appropriate. Powell also mentioned that some service industry inflation is catch-up inflation, the labor market is cooling, and wage growth is still above the final equilibrium level, but is falling back to a more sustainable level. It is usually more difficult to reduce inflation in the service industry. Powell emphasized that the balance of the labor market is moving in a better direction.