TechFlow reported 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 toward the 2% target; until the Fed's confidence in inflation continues to move toward 2% increases, it is not appropriate to cut interest rates. We continue to make decisions one by one.

After Powell's testimony was released, the US dollar index (DXY) rose by more than 10 points in the short term and is now at 105.08. The euro/dollar (EUR/USD) fell by about 15 points in the short term, the pound/dollar (GBP/USD) fell by nearly 20 points in the short term, and the US dollar/Japanese yen (USD/JPY) rose by nearly 40 points in the short term.