Powell's Upcoming Speech Draws Attention Amid Fed Headquarters Renovation Controversy

According to BlockBeats, U.S. Federal Reserve Chair Jerome Powell is set to deliver an opening address at a bank regulation conference at 20:30 UTC+8. The speech is attracting significant attention from traders and investors due to recent pressure from U.S. President Donald Trump and Republican lawmakers over the Federal Reserve headquarters' renovation costs. The renovation budget for the Federal Reserve's headquarters has surged from $1.5 billion to between $2.5 and $2.6 billion, far exceeding initial expectations. Reports suggest the project includes luxurious features such as a rooftop garden and private elevators, sparking criticism from the public and political figures over perceived extravagance. President Trump and others have used this opportunity to criticize Powell and question the transparency of the Federal Reserve. In response, the Federal Reserve has attributed the budget overrun to rising material costs and unforeseen issues, emphasizing that the funding comes from its own revenue rather than taxpayer money. Despite these explanations, the controversy persists, potentially affecting the institution's reputation and independence. Market speculation suggests that Trump might leverage this situation to attempt to dismiss Powell. However, when asked last week about the possibility of firing Powell, Trump stated that unless fraud is involved, the likelihood is very low.