The Federal Reserve Chairman testifies before the Senate Banking Committee on Tuesday and Wednesday.

Here are the highlights of his testimony on Tuesday, where Powell’s most important statements were as follows:

- The Fed does not need to rush to adjust monetary policy.

- The U.S. economy is generally strong.

- The Fed’s monetary policy is well positioned to manage risks and uncertainty.

- Inflation has declined significantly but remains moderately high.

- The labor market appears to have stabilized.

- The Fed has decided to keep interest rates on hold, and will do so until inflation improves or the labor market weakens unexpectedly.

- The Fed can maintain monetary policy rates for a longer period if the economy remains strong and inflation does not move toward 2%.

- Monetary policy could be eased if the labor market weakens unexpectedly or inflation declines more quickly than expected.

- The Fed is well aware that cutting interest rates too early could halt our progress toward our inflation target.

- However, the Fed also recognizes that a late rate cut will negatively impact the labor market and economic growth.

- The Fed stands ready to adjust monetary policy according to economic data.

- The US Fed will maintain its 2% inflation target and will not review this target.

- The Fed will do what it can to reach the inflation target.

- US banks are ready to deal with the risks of the crypto market at the moment.

- The Fed’s framework review will not include a focus on the inflation target, which will remain at 2%.

- The Fed is scheduled to complete its review by late summer.

- Banking regulations may need to be reconsidered.

- Banking regulations may be too harsh, especially for smaller banks, so we will review them.

- Some businesses and individuals may lose access to banking services due to regulatory policies.

- It is time to take a fresh look at these rules to ensure that they do not cause more harm than good.

- The Fed cannot comment on tariff policy, but the standard free trade parameters remain largely reasonable so far.

- The president clearly cannot by law fire a Fed member.

- The U.S. economy is not in recession.

- Even when interest rates come down, we will still have a housing shortage.

- I can’t say yet that the U.S. economy has had a soft landing, but I can say that we haven’t had a hard landing.

- I want to see more progress on inflation, and I don’t see any reason to rush to cut rates.