Federal Reserve Chair Jerome Powell is set to testify before Congress this week as part of his required biannual appearance. President Trump’s announcement of tariffs on foreign steel and aluminum raises concerns that may prompt calls for quicker rate cuts. Powell is expected to face questions on various topics, including crypto regulation, banking regulation, and “de-banking” allegations.
The recent jobs report, showing strong job growth and a decrease in the unemployment rate to 4%, may signal the end of the Fed’s cutting cycle. Despite previous predictions of two rate cuts this year, economists and Wall Street investors are now less convinced, with some speculating there may be no reductions at all.
Powell’s testimony is critical as it will provide insight into the Fed’s future actions and their response to the current economic climate. Stay tuned for updates from Capitol Hill as Powell navigates these pressing issues.
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