Powell will speak tonight at 20:30, and the renovation controversy has become a political focus

Tonight at 20:30 Beijing time, Federal Reserve Chairperson Jerome Powell will attend a regulatory meeting related to the comprehensive review of the capital framework of large banks and deliver the opening remarks.
Due to the recent frequent statements by Trump and a number of Republican lawmakers on the budget overrun of the Federal Reserve headquarters renovation project and pressure on Powell, his speech tonight has attracted widespread attention in the market.
The budget for renovations to the Federal Reserve building soared from an initial $1.50 billion to $250 to $26 billion, far exceeding expectations. The project is said to involve luxury amenities such as a penthouse garden and a private elevator, raising questions about extravagance. Trump and others took the opportunity to accuse Powell of a lack of transparency and suggest that the Fed is mismanaging its finances.
The Federal Reserve responded that the budget increase was mainly due to higher building materials costs and unexpected problems in construction, and that the renovation was funded by its own revenue and did not involve taxpayer funds. However, the controversy has not subsided, and there are concerns that this could affect the credibility and independence of the Federal Reserve.
Mr. Powell is not widely expected to address the renovation controversy head-on tonight, but is likely to re-emphasise the importance of central bank independence. There are also concerns over whether Mr. Trump will use the incident to further pressure. Asked last week whether he was considering firing Mr. Powell, Mr. Trump responded that unless there was fraud, it was highly unlikely.