Powell is about to face a "grilling" on Capitol Hill and may face a bipartisan attack

BlockBeats News, June 24th, Federal Reserve Chairman Powell will head to Capitol Hill this week, where he will face escalating pressure from both inside and outside the Fed to cut interest rates. This hearing may rewrite the Fed's nearly decade-long tradition of "staying away from politics."

On Tuesday at 22:00, Powell will present the semiannual monetary policy report to the House Financial Services Committee, and on Wednesday, he will move to the Senate Banking Committee.

Although such congressional inquiries usually focus on the economic situation and policy direction, this time the background is completely different: not only is President Trump and his administration continuously exerting pressure, but there are also key divisions within the Fed. Fed Governors Bowman and Waller have recently expressed support for an interest rate cut as early as July. Both individuals were appointed by Trump during his first term and have been mentioned as potential candidates to succeed Powell next year.

Powell's testimony this time may face a bipartisan attack: Republicans following Trump's lead are demanding an immediate loosening of monetary policy, while Democratic Senator Warren is also calling for a rate cut. (Jinse Finance)