Fed Chair Powell scheduled for July 9 Senate Banking testimony
-U.S. Federal Reserve Chair Jerome Powell is scheduled to give his semiannual testimony on monetary policy on July 9 at the Senate Banking Committee, the office of Senator Sherrod Brown, the committee's chair, said on Monday.
Both hearings are typically hours-long affairs, with lawmakers from both sides of the aisle grilling Powell on a range of topics from interest-rate policy to the state of the banking system. The Fed last week kept the policy rate in the 5.25%-5.5% range, and signaled it may cut borrowing costs only once this year.
Brown and other Democrats have called on the Fed to cut rates to make homes more affordable. A rate cut before the election could help Biden, a Democrat, in his rematch against Trump, a Republican who has said that he thinks the Fed may lower interest rates to help sway the election.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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