Federal Reserve Chairperson Jerome Powell will travel to Capitol Hill this week as he faces mounting pressure from inside and outside the central bank to cut interest rates in a hearing that could rewrite the Fed's nearly decade-long tradition of "staying out of politics".
On Tuesday at 22:00, Powell will present his semiannual monetary policy report to the House Financial Services Committee and move to the Senate Banking Committee on Wednesday.
While such congressional inquiries usually focus on the state of the economy and the direction of policy, this time the context is very different: not only Trump and his administration officials continue to pressure, but also key rifts have emerged within the Federal Reserve. Fed governors Bowman and Waller have recently expressed support for interest rate cuts as early as July. Both are officials appointed during Trump's first term. Both are mentioned as potential candidates to succeed Powell next year.
Powell's hearing is likely to encounter a bipartisan attack: Republicans have followed Trump's call for immediate monetary easing, while Democratic Senator Elizabeth Warren has also called for interest rate cuts. (Kim 10)
Powell is about to "tongue war" on Capitol Hill, and may encounter a bipartisan attack
2025-06-24 02:14:49
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