Federal Reserve Chair Walsh announced during a House hearing that he has instructed several working groups to return to first principles in their investigations. These groups will share their findings with policymakers, and any changes to the Fed's balance sheet policy will be announced in advance. Walsh emphasized the importance of the Fed's independence and its role in avoiding fiscal policy interference. He also highlighted the need for communication reform in light of high inflation, asserting that any changes in communication are not intended to obscure the truth.