 In his semiannual testimony to Congress on U.S. monetary policy and on interest rates, Chairman Powell will likely repeat what he's been saying for months, that the nation's central bankers need more evidence that inflation is ebbing before entertaining interest rate cuts. At the same time, Bloomberg Economics expects the Fed chair to report that there has been progress in curbing inflation. Powell may also discuss the Fed's independence amid concerns it could be tested during another possible Trump administration. Tom Busby.