🔹 Summary of Federal Reserve Chairman Powell's Congressional Hearing

Federal Reserve Chairman Powell's two-day congressional hearing has ended. What he said is no longer important. What is important is the market feedback.

📈 Market reaction:

The US dollar index rose slightly by 0.1% on the first day and fell slightly by 0.12% on the second day

The market's probability of a rate cut in September remained stable at around 73%

🔍 Powell's main points:

The Fed has made considerable progress on inflation

Inflation does not need to be below 2% before cutting interest rates

There is still a long way to go to reduce the balance sheet

Unlike the previous focus on inflation risks, the Fed needs to focus on the labor market and employment

The neutral interest rate has risen in the short term

Political factors are not considered when setting interest rates

I haven't talked with Biden for two years, and no decline in his cognition has been found

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