Central Banks
Powell to Face Pressure on Rates From Democrats, Bank Rules From Republicans
- The Fed chair will testify on Capitol Hill Wednesday, Thursday
- Republicans to press Powell on Fed plan to boost bank capital
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Jerome Powell faces heightened pressure this week from Democrats who want interest-rate cuts to keep the economy humming in an election year and Republicans who want him to scrap a plan to boost bank capital.
The Fed chair heads to Capitol Hill on Wednesday and Thursday for his semiannual testimony before Congress, two years after the central bank began its aggressive battle against surging inflation. With the economy powering along and inflation inching toward the Fed’s sweet spot, Powell will make the case for why officials are in no rush to lower rates.