Fed Chair Powell Faces Bipartisan Pressure on Rates as Election Looms

Democrats are pressuring Powell to cut interest rates soon to help the economy and potentially Biden's election chances, while Republicans want Powell to resist political pressure.

Powell has tried to be clear that decisions will be data-driven, but faces heat from both sides of the aisle in an election year.

On Capitol Hill, Republicans lobbied Powell respectfully while some Democrats challenged Fed policies more confrontationally.

On the campaign trail, Biden has mostly avoided commenting on rates, while Trump says Powell wants to "help the Democrats."

Recent sticky inflation data helps the argument for going slower on rate cuts, but Powell faces pressure from Wall Street as well heading into election season.