US Federal Reserve Chairman Jerome Powell said at the hearing of the Senate Finance Committee that the outlook for the US economy will improve later this year, but largely depends on the pandemic and anti-pandemic measures. He reiterated that the realization of the Fed’s goal is still far away and full of uncertainty. However, even if there are signs of improvement, the Fed will continue to provide monetary policy support. Regarding the inflation outlook, he believes that the current rate is still below the long-term target of 2%, but the low base effect will make inflation rise in the short term from March to April, while restating that the inflation rate for the next year or so may remain unstable. On the whole, Powell’s testimony is not very innovative, and has little effect on US stocks, US bond yields and the US dollar.