File Photo: Federal Reserve System (FRS) Meaning, History and FAQs
Senator Sherrod Brown’s office announced that Federal Reserve Chair Jerome Powell will make his semiannual monetary policy testimony at the Senate Banking Committee on July 9.
Powell would testify to the House Financial Services committee the next day if scheduling continues as usual. Information from committee spokespeople was delayed.
Both sides of the aisle interrogate Powell for hours on themes ranging from interest-rate policy to the banking sector.
Former President Donald Trump and Joe Biden both reappointed Powell as Fed Chair. He constantly emphasizes the central bank’s independence from politics, with interest-rate choices based only on the economy.
Last week, the Fed maintained a 5.25%–5.5% policy rate and said it may decrease borrowing prices once this year.
The Fed may stay out until after the November presidential election if that prognosis, which assumes modest inflation and no major labor market fissures, comes true.
Brown and other Democrats want the Fed to lower rates to lower home prices. A rate decrease before the election may help Biden, a Democrat, in his rematch with Trump, a Republican who has warned the Fed may lower rates to impact the race.
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