Powell faces bipartisan pressure from Congress as the Federal Reserve (FED) faces increasing pressure to cut interest rates.

On June 24, Chairman Powell of the Federal Reserve will head to Capitol Hill this week, where he will face increasing pressure for interest rate cuts from both inside and outside the Federal Reserve. This hearing may rewrite the Federal Reserve's tradition of "staying away from politics" for nearly a decade.

On Tuesday at 22:00, Powell will submit the semiannual monetary policy report to the House Financial Services Committee, and on Wednesday, he will move on to the Senate Banking Committee.

Although such congressional inquiries typically focus on economic conditions and policy directions, this background is completely different: not only is Trump and his government officials continuously pressuring, but there are also key rifts within The Federal Reserve (FED). Recently, Fed governors Bowman and Waller both expressed support for a rate cut as early as July; both are officials appointed during Trump's first term and have been mentioned as potential candidates to succeed Powell next year.

Powell may face a bipartisan attack during this hearing: Republicans are following Trump’s demand to immediately loosen monetary policy, while Democratic Senator Elizabeth Warren is also calling for interest rate cuts.