Federal Reserve Chairman Powell will deliver his semiannual monetary policy testimony today

ChainCatcher news, according to Jinshi reports, Federal Reserve Chairman Powell will attend the Senate Committee on Banking, Housing, and Urban Affairs hearing today at 23:00 Beijing time to deliver his semiannual monetary policy testimony. Trump's proposals on trade, taxes, immigration, and regulation have increased uncertainty in the U.S. economy, complicating the Fed's efforts to reduce inflation and maintain a healthy labor market.

Federal Reserve Vice Chairman for Supervision Quarles announced his resignation last month, providing an opportunity for Trump to appoint new regulators. Since 2021, the Fed has failed to achieve its 2% inflation target, making inflation a key issue in the 2024 presidential election.

Sarah Binder of the Brookings Institution in Washington stated that the hearing will be very tense. Although the Fed usually avoids partisan disputes, it must gain public support. Trump criticized the Fed's decision to keep interest rates unchanged but later stated that he does not intend to intervene.