Federal Reserve Chairman Powell will give a public speech tonight, with the market focusing on how he will respond to Trump's pressure

BlockBeats News: On July 22nd, Federal Reserve Chairman Powell will attend a banking regulatory conference at 20:30 Beijing time tonight and deliver the opening speech. Due to recent pressure from Trump and Republican lawmakers on Powell's overspending on the renovation project of the Federal Reserve headquarters, his speech tonight has received widespread attention from traders and investors. It is expected that Powell will not make a direct statement on the event in tonight's speech, but may once again emphasize the importance of the independence of the Federal Reserve. The renovation budget for the Federal Reserve headquarters building has surged from $1.5 billion to $2.5 to $2.6 billion, far exceeding expectations, and rumors of luxury facilities such as a rooftop garden and private elevators have sparked public and political questioning of its extravagance and waste. Trump and others took the opportunity to criticize Federal Reserve Chairman Powell and question his transparency. The Federal Reserve responded by stating that the overspending was due to rising material costs and unexpected issues, with funds coming from its own income rather than taxpayers, but the controversy has not been resolved and may affect its reputation and independence. The market speculates that Trump may use this as a pretext to fire Powell. Last week, when asked if he would dismiss Powell, Trump said the likelihood was extremely low unless fraud was involved.