Fed Chairman Powell will deliver a public speech tonight, with the market focused on how he responds to Trump's pressure.

On July 22, Fed Chairman Powell will attend a bank regulatory meeting and give an opening speech at 20:30 Beijing time tonight. Due to recent pressure from Trump and Republican lawmakers regarding the Fed headquarters renovation budget overruns, his speech tonight is receiving widespread attention from traders and investors. It is expected that Powell will not make a direct statement about the incident but may reiterate the importance of the Fed's independence. The Fed headquarters renovation budget has skyrocketed from $1.5 billion to $2.5 to $2.6 billion, far exceeding expectations, with rumors involving luxury facilities like a rooftop garden and private elevators, raising concerns among the public and politicians about wastefulness. Trump and others have seized the opportunity to criticize Fed Chairman Powell and question his transparency. The Fed responded that the overruns are due to rising material costs and unexpected issues, with funding coming from its own revenue 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. When asked last week whether he would fire Powell, Trump stated that it is highly unlikely unless fraud is involved.