All eyes are on Jerome Powell as the Federal Reserve chair begins two days of testimony before Congress.
Investors will scrutinize his remarks for evidence that the Fed will cut rates when it meets later this month, and if so, by how much. A strong jobs report for June has weakened the case for a big move.
Lawmakers may also press Powell on the Fed’s independence in light of repeated criticism from President Donald Trump.
Trump has recently said the central bank was acting like a “stubborn child” for refusing to pursue easy money policies and tweeted that the Fed “doesn’t know what it is doing.”
Powell has pushed back, defending the institution and its insulation from “short-term political interests.”
- The central banker will appear before the House Financial Services Committee at 10 a.m. ET.
- The Fed also releases minutes from its June meeting at 2 p.m. ET.