According to BlockBeats, Federal Reserve Chairman Powell will attend a bank regulatory meeting tonight at 20:30 Beijing time and deliver the opening remarks. Powell's speech is highly anticipated due to pressure from Trump and Republican lawmakers regarding the excessive spending on the renovation of the Federal Reserve headquarters.
The renovation budget for the Federal Reserve headquarters has increased from $1.5 billion to $2.5 to $2.6 billion, involving luxury facilities, which has raised questions. The Federal Reserve stated that the overspending is due to rising material costs, with funds coming from its own revenue. The market speculates that Trump may use this as an opportunity to fire Powell. Trump has stated that unless fraud is involved, the possibility of firing is very small.