Powell releases the hawk: The Federal Reserve is 'not in a hurry to cut interest rates'. BTC briefly fell below $95,000, key points from the hearing.

Federal Reserve Chairman Powell went to Congress as scheduled at 23:00 on February 11th, Taiwan time, to attend the Senate Banking Committee hearing and delivered his testimony on the semi-annual monetary policy. Powell first reported on the Fed's interest rate path, stating that the Fed is not eager to continue cutting interest rates due to the current strong performance of the U.S. economy. He also explained last year's series of interest rate cuts, emphasizing the necessity of adjusting the Fed's policy stance to address changes in inflation conditions and labor market performance. Powell mentioned that the overall performance of the U.S. economy is strong, the labor market is stable, and the inflation rate is close to the 2% target. He also expressed his support for establishing a regulatory framework around stablecoins.