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Federal Reserve Chairman Powell said on Wednesday that while he still believes that the Fed's massive balance sheet should be reduced, any significant policy adjustments on this issue will take time and will involve full communication. Powell said, "Relevant decisions will be subject to thorough public discussion for the market to fully understand, and will not be implemented until the financial markets fully comprehend the measures." He said, "It took us about 18 years to reach the current situation of this massive balance sheet. Frankly, in my personal view, it already carries fiscal policy implications." He also said that it will take time to determine the direction of future balance sheet policies. Powell stated, "I am open-minded on this issue - we will not make judgments in advance. But I hope that interest rate policy remains the Fed's primary policy tool."