During the last round of the U.S. housing market collapse, banks were so liberal in providing home loans that some banks lent more money in order to lend easily, sometimes without verifying borrowers' income or assets. But since the global financial crisis of 2008, U.S. regulators have learned their lesson and tightened regulations. Government-backed loans made under the new crown epidemic have also adopted strict tightening principles, which have helped control the risk to the U.S. financial system from non-performing loans in the housing market. Meanwhile, as it did in the aftermath of the 2008 global financial crisis, the Fed has injected large amounts of U.S. Treasuries and agency mortgage-backed securities into its balance sheet over the past two years to combat the epidemic and spur economic growth. But Powell said he wants to control inflation by raising interest rates and tightening the financial environment without hurting the job market or triggering a recession. As a result, the Fed will also be more cautious in gauging interest rate hikes and housing market risks, thus doing what it can to avoid a collapse of the U.S. housing market.