As Trump once again puts pressure on The Federal Reserve (FED), Powell's speech tonight becomes the focus.

On July 1, Federal Reserve Chairman Powell will speak at the European Central Bank's central banking forum on Tuesday. Meanwhile, the White House is intensifying plans to replace Powell, and the divisions within the Federal Reserve are becoming increasingly difficult to ignore. Treasury Secretary Basenet stated on Monday that someone may be poised to take over when Powell's term ends. He also mentioned that the U.S. government might arrange for a candidate to fill a key Federal Reserve Board of Governors seat that will be vacant in January, who may then succeed to the chairmanship. Shortly after Basenet made these remarks, Trump escalated his attacks on Powell and the Federal Reserve, accusing them of keeping interest rates at excessively high levels, causing the U.S. to lose 'trillions of dollars', and stating that the Federal Reserve 'should be ashamed of itself.' Meanwhile, the divisions within the Federal Reserve are widening. Two officials appointed by Trump—Waller and Bowman—are calling for a rate cut as early as July. This split is adversely impacting the fragile economy. The non-farm payroll report for June, set to be released on Thursday, could complicate the outlook. (Jin10)