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Federal Reserve Chairman Powell will deliver a public speech tonight, with the market focusing on his response to Trump's pressure
BlockBeats News, July 22. Federal Reserve Chairman Powell will attend a banking regulation-related meeting and deliver opening remarks at 20:30 tonight Beijing time. Due to recent pressure from Trump and Republican lawmakers regarding the overspending on the Federal Reserve headquarters renovation project, his speech tonight is widely anticipated by traders and investors. It is expected that Powell will not make a direct statement on the matter in tonight's speech but may once again emphasize the importance of the Fed's independence.
The renovation budget for the Federal Reserve headquarters building has surged from $1.5 billion to $25 to $26 billion, far exceeding expectations, with rumors involving luxury facilities such as a rooftop garden and a private elevator, leading to public and political questioning of its extravagance. Trump and others seized the opportunity to criticize Federal Reserve Chairman Powell and questioned his transparency. The Fed responded that the overspending was due to rising material costs and unexpected issues, and the funds came from its own income rather than taxpayers, but the controversy has not subsided, potentially impacting its reputation and independence. The market speculates that Trump may use this as an excuse to dismiss Powell. When asked last week if he would dismiss Powell, Trump said the possibility is very low unless fraud is involved.
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