Federal Reserve Chair Jerome Powell will testify before the House Financial Services Committee Wednesday morning on the state of the U.S. economy.
Powell has put interest rate cuts on hold amid rising prices, suggesting that with President Trump’s return to the White House — and recent tariff threats — the Fed can afford to wait and see how the economy evolves under the new administration. In 2024, interest rates were slashed three times.
Trump has consistently pushed for cutting rates, writing in a Truth Social post early Wednesday that interest rates “should be lowered, something which would go hand in hand with upcoming Tariffs!!! Lets Rock and Roll, America!!!”
The Fed chair, who faced questioning from the Senate on Tuesday, also weighed into the administration’s perceived efforts to dismantle the Consumer Financial Protection Bureau (CFPB), insisting that bank accounts are still safe.
The hearing is scheduled to begin at 10 a.m. EST.
Watch the live video above.
