Federal Reserve Chairman Powell will deliver semi-annual monetary policy testimony today

ChainCatcher News, according to Jinshi reports, Federal Reserve Chairman Jerome Powell will attend a Senate Banking, Housing and Urban Affairs Committee hearing at 23:00 Singapore time today to deliver semi-annual monetary policy testimony. Trump's proposals on trade, taxes, immigration and regulation have increased uncertainty in the US economy and complicated the Fed's efforts to reduce inflation and maintain a healthy labor market.

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

Sarah Binder from Brookings Institution in Washington said that the hearing would be very tense. Although the Fed usually avoids partisan disputes it must gain public support. After maintaining interest rates unchanged by The Fed ,Trump criticized its decision but later stated he did not intend to intervene.