Powell Faces Pressure for Interest Rate Cuts Amid Tensions
Federal Reserve Chair Jerome Powell makes his way to Capitol Hill this week, under a spotlight that’s becoming rather intense – not just from the public but from the very political machine that shapes economic policy. His semiannual testimony, starting Tuesday, puts him front and centre as he delivers the Federal Reserve’s monetary policy report to the House Financial Services Committee, followed by a trip to the Senate Banking Committee on Wednesday. It’s not your usual quiet day at work after all; it comes with a complicated mixture of pressures for lower interest rates from both the White House and Fed officials who seem ready to align with that view as soon as this July.
