Fed Chairman Powell is set to deliver a highly anticipated speech, shifting the focus from traditional bank regulatory issues to the more sensitive realm of politics. The catalyst for this attention is the significant increase in the renovation budget for the Fed headquarters, rising from the original $1.9 billion to $2.5 billion. This change has sparked discontent among politicians, including a former president who publicly questioned the rationale behind the budget increase and hinted at a potential future replacement of the Fed chairman.

This speech is seen as an important moment in Powell's career and could potentially become a turning point that affects global financial markets. Market participants and observers are closely following two core issues: whether Powell can maintain the Fed's independence under political pressure and whether there will be any unexpected significant announcements.

The independence of the Fed has long been the cornerstone of maintaining its credibility and effectively implementing monetary policy. However, recent developments seem to be challenging this principle. The content and attitude of Powell's speech will directly affect the market's confidence in the Fed's future decisions.

At the same time, global financial markets are closely watching the potential impact of this speech. Given the Fed's central role in the global economy, Powell's remarks are likely to trigger market fluctuations and affect the price trends of various assets.

As the time for the speech approaches, the market's tense atmosphere is heating up. Regardless of the outcome, this speech will become an important milestone in the history of the Fed, and its impact may last for quite a long time.