PANews reported on July 9 that according to Jinshi, Federal Reserve Chairman Powell delivered semi-annual monetary policy testimony to the Senate Banking Committee. Powell said that the labor market is strong but not overheated. Inflation is not the only risk we face, and "more good data" will boost people's confidence in inflation. Inflation has slowed significantly, but it is still above the 2% target; recent inflation data show "modest" progress towards the 2% target; before the Fed's confidence in inflation continues to move towards 2%, it is not appropriate to cut interest rates. We continue to make decisions one by one.