Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee, chaired by Rep. French Hill, as part of his semiannual Monetary Policy Report. Powell reiterated his prepared remarks from the previous day, emphasizing the Federal Reserve's commitment to its dual mandate of maximum employment and stable prices. He highlighted that the U.S. economy remains strong, with GDP growth at 2.5% in 2024, and inflation moving closer to the 2% target, though still somewhat elevated. Powell noted that the labor market has stabilized, with an unemployment rate of 4% in January and average payroll gains of 189,000 jobs per month over the past four months. He also addressed monetary policy, stating that the Federal Open Market Committee (FOMC) has reduced the policy rate by a full percentage point since September and continues to assess economic conditions to guide future adjustments. Powell emphasized the importance of maintaining a balanced approach to ensure sustainable economic growth and inflation control. Discussions also touched on the Trump administration's support for crypto-related innovations and their potential impact on the economy.