<ol>
<li>Monetary Policy<br/>
Reiterating that the FOMC does not need to rush to adjust interest rates. It is expected that the neutral interest rate has risen significantly. There is still a long way to go in terms of reducing the balance sheet. We believe we are still significantly above the level of &#34;ample&#34; reserves.</li>
<li>Inflation<br/>
Even if the FOMC policy interest rate decreases, there will still be a housing shortage in the United States. Fannie Mae and Freddie Mac may have suppressed mortgage rates</li>
</ol>

<p>Powell reiterated monetary policy at the hearing on February 11, stating that the FOMC does not need to rush to adjust interest rates and expects that the neutral rate has risen significantly. He mentioned that there is still a long way to go in reducing the balance sheet, and the current level of reserves is significantly above the "ample" standard. Furthermore, despite the possibility of a decline in the FOMC policy interest rate, the U.S. will still face a housing shortage, and Fannie Mae and Freddie Mac may lower mortgage rates</p>

Summary of Key Points from Powell's Hearing on February 11