On July 14, Federal Reserve Chair Walsh insisted during a hearing on Tuesday on his commitment to not providing forward guidance on interest rates, with the nearly entire testimony avoiding mention of interest rate policy. Walsh stated that the Fed is firmly dedicated to maintaining price stability and pushing inflation back down to the 2% target, while emphasizing that the Fed has the policy tools needed to achieve this goal. He said, 'The more we focus on our own responsibilities, the further we stay away from politics.' Walsh also noted that the Fed will reassess its inflation framework to gain a deeper understanding of the factors driving inflation and what measures can be taken to address it. Regarding the newly established multiple working groups at the Fed, Walsh indicated that these groups are currently in the research and exploration phase. He pointed out that relevant discussions will first take place among the 19 policymakers, with the entire process remaining open and transparent, and that research findings and policy ideas will be shared with the public periodically. On balance sheet policy, Walsh emphasized that the balance sheet is part of monetary policy, not merely an issue of financial market operations. Any adjustments to balance sheet policy will be fully communicated and explained in advance, giving the market sufficient preparation time. When asked how he would respond if Trump attempted to intervene in Fed policy, Walsh replied that he would continue to fulfill his duties and insist on independently formulating monetary policy. He stated that the Fed has already demonstrated its commitment to policy independence and institutional reform.