WASHINGTON–Federal Reserve Chairman Jerome “Jay” Powell is scheduled to testify twice before Congress this week, beginning today before the House, and while Powell is typically guarded in his language it is expected some Republican members of Congress will be less so as they push for rate cuts.
Today, Powell will deliver his Semiannual Monetary Policy Report to the House Financial Services Committee. Tomorrow, he will give the same remarks to the Senate Banking Committee, also on the Semiannual Monetary Policy Report.
Powell’s remarks are likely to hew closely to his statement following last week’s meeting of the Federal Open Markets Committee, which adjourned without lowering the Fed Funds rate. Powell has stated that he and other members of the FOMC continue to be concerned over the effects of President Trump’s tariffs on the economy and on labor markets.
Trump Demands Cuts
President Trump and other members of the administration have been outspoken in demanding the Fed lower interest rates.
As the CU Daily reported here, two FOMC members have said they see rate cuts coming in the second half of the year, although they disagree on when those cuts should occur.
