2024-06-17 18:25:42
By Ann Safire
(Reuters) – U.S. Federal Reserve Chairman Jerome Powell is scheduled to present semiannual testimony on financial coverage earlier than the Senate Banking Committee on July 9, the workplace of U.S. Federal Reserve Chairman Senator Sherrod Brown mentioned on Monday.
If the schedule goes based on previous observe, Powell will give the identical testimony the subsequent day earlier than the Home Monetary Companies Committee. A spokesman for the committee didn’t instantly reply to a request for info.
The 2 hearings usually final a number of hours, with lawmakers from each events questioning Powell on a variety of subjects starting from rate of interest coverage to the state of the banking system.
Powell, who was initially appointed Fed chair by former President Donald Trump and reappointed by President Joe Biden, has all the time sought to keep up the central financial institution’s independence from political affect, with any rate of interest selections decided solely by financial circumstances.
The Fed saved its coverage price in a variety of 5.25% to five.5% final week and signaled it’d lower borrowing prices solely as soon as this yr.
If that forecast — which assumes inflation slowly declines and no main cracks within the labor market — comes true, the Fed is prone to stay on the sidelines till following the presidential election in November.
Brown and different Democrats have known as on the Fed to chop rates of interest to make houses extra inexpensive. A price lower earlier than the election might assist Democrat Joe Biden in his matchup with Republican Donald Trump, who has mentioned he thinks the Fed might lower charges to assist sway the election.
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