[Summary of the key points of Powell's testimony and hearing in the House of Representatives: There is no need to wait until inflation falls to 2% before starting to cut interest rates].

1. Interest rates

1. The Fed does not need to wait until inflation falls to 2% before starting to cut interest rates.

2. It is unlikely to fall to the extremely low interest rate level before the crisis.

3. The current monetary policy is restrictive.

4. The assessment later this year will focus on the neutral interest rate.

2. Inflation

1. Inflation has fallen, but it is still high.

2. It is not ready to say that confidence in inflation is sufficient.

3. The United States will eventually return to an inflation level of 2%.

4. The Fed has made considerable progress in fighting inflation.

3. The employment market

1. Unlike the past focus on inflation risks, the Fed now needs to focus on the labor market and employment.

2. The labor market has cooled "quite substantially".

4. Others

1. "There is still work to be done" on the issue of balance sheet reduction. The Fed does not have a specific target for the size of its balance sheet.

2. It is vital that the Fed has independence. When the FOMC sets policy interest rates, it will not take into account many political factors.

3. The path of US debt is unsustainable.