According to PANews, Federal Reserve Chairman Powell delivered his semi-annual monetary policy testimony to the Senate Banking Committee. He 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 has more confidence that inflation will continue to move toward 2%, it is not appropriate to cut interest rates. He emphasized that we will continue to make decisions on a case-by-case basis.