Tonight at 10 p.m., Powell will "battle" on Capitol Hill, Trump once hoped "Congress" would put pressure on Powell

BlockBeats News, June 24th: Federal Reserve Chairman Powell will have two opportunities this week to explain to members of Congress why he and the majority of his colleagues are determined to keep interest rates unchanged until September, despite ignoring President Trump's continued calls to lower borrowing costs. The Fed Chairman is scheduled to testify before the House Financial Services Committee at 10 p.m. Beijing time on Tuesday and before the Senate Banking Committee at the same time on Wednesday.

Less than a week ago, Federal Reserve officials agreed to keep interest rates unchanged for the fourth consecutive meeting. Ahead of his appearance, the U.S. recently attacked Iran, intensifying concerns about rising oil prices and global economic risks.

In a recent tweet, Trump expressed his hope that Congress could "bone up" Powell and advocated that U.S. rates should be "at least cut by two to three percentage points." Last week, the Fed kept the federal funds rate target range at 4.25%-4.5%.

It is expected that Powell will cautiously stick to the message he conveyed last week when he said the Fed is "in a good place to wait and learn more about the possible path of the economy" before considering any rate changes. The tariffs imposed by the Trump administration have not yet brought about the price increases and unemployment rate rises warned by policymakers. Two Fed officials, Bullard and Bowman, have suggested that the impact of tariffs on prices may be temporary and they may support a rate cut in July.