The independence of the Federal Reserve mainly depends on the Fed itself, according to the key points of the speech at the Walsh Senate hearing. Read the speech transcript of tonight's Walsh Senate hearing disclosed by The Wall Street Journal. Walsh reiterated that the Federal Reserve's responsibility comes from congressional authorization, stating that any policy must revolve around the dual mission of price stability and full employment. Sort out the key points of Walsh's speech: 1. The independence of the Federal Reserve mainly depends on the Fed itself 1) The independence of monetary policy is crucial: decisions must be based on "rigorous analysis, meaningful deliberation, and unbiased judgment," serving national interests rather than political pressure. 2) Congress has entrusted the Federal Reserve with the mission of price stability, without excuses or excuses. 3) Independence is mainly reflected in monetary policy operations and does not extend to areas such as public fund management, banking supervision, or international finance. The Federal Reserve must 'stick to its duties' and avoid intervening in fiscal or social policies (areas where it has neither authority nor expertise). 2. Inflation is the responsibility of the Federal Reserve and there is no excuse for it 1) Inflation is a choice, and the Fed must take responsibility for it without excuse or equity. 2) Low inflation is the Federal Reserve's "talisman" that can protect the economy from harm. 3) Soaring inflation can erode purchasing power, lower living standards, especially for the most vulnerable groups, and may also shake public confidence in economic governance and monetary independence. 3. Other key commitments and perspectives 1) Oppose post crisis' mission creep ': The Federal Reserve should not exceed its statutory responsibilities, having played an important role in financial crises in the past but now leaning towards excessive expansion. 2) Commitment to reform orientation: Challenge the tyranny of the status quo, outdated models, and assumptions, and combine "internal experience+external questioning" to make the Federal Reserve more focused and effective in the new era. 3) Maintain cooperation: Monetary policy remains strictly independent, but will cooperate with Congress and the government in other areas. Open opinions are welcome. Regarding independence, Walsh stated that interest rate decisions and monetary policy operations must be entirely based on economic data and long-term goals, rather than serving political cycles. He emphasized that the independence of the Federal Reserve as a central bank is a prerequisite for achieving stable growth and low inflation. He put forward an important viewpoint: laws and institutions can only provide a framework, but what truly determines independence is whether policy makers maintain restraint and self-discipline. If the Federal Reserve loses its sense of boundaries, no matter how strong the system is, it will be difficult to maintain independence. Regarding past policies, Walsh pointed out that the Federal Reserve has shown an expansion trend in its functions and tool usage in recent years. He believes that the Federal Reserve should not undertake too many tasks beyond its core responsibilities, nor should it replace the role of fiscal or industrial policies. The attitude is still very clear, but it may be slightly inconsistent with Trump's expectations.