BlockBeats News, on July 22, Federal Reserve Chairman Powell will attend a bank regulatory meeting and deliver an opening speech tonight at 20:30 Beijing time. Due to recent pressure from Trump and Republican lawmakers regarding the Federal Reserve headquarters renovation budget overruns, Powell's speech tonight is of great interest to traders and investors. In tonight's speech, it is expected that Powell will not make a direct statement on the issue but may once again emphasize the importance of the Federal Reserve's independence.
The renovation budget for the Federal Reserve headquarters has soared from $1.5 billion to between $2.5 billion and $2.6 billion, far exceeding expectations, and rumors involve luxurious facilities such as a rooftop garden and private elevators, raising questions from the public and politicians about its extravagance. Trump and others have seized the opportunity to criticize Federal Reserve Chairman Powell and question his transparency. The Federal Reserve responded that the overruns were due to rising material costs and unexpected issues, and the funding comes from its own income rather than taxpayers, but the controversy has not subsided and may affect its reputation and independence. The market speculates that Trump may use this opportunity to push for Powell's dismissal. Last week, when asked if he would fire Powell, Trump stated that the likelihood is very low unless fraud is involved.
