Fed Chairman Powell is currently in a difficult situation. In his upcoming speech, he seems to find it hard to take a tough stance on monetary policy. The current political environment puts immense pressure on Powell, especially with the criticism coming from Trump's camp.

Recently, Trump's team not only questioned the budget for the renovation of the Fed building but also pressured Cook from Powell's team to resign. These actions undoubtedly intensified Powell's predicament.

Given the current situation, Powell is likely to choose a relatively moderate stance. If he comes across as too hawkish in his speech, it could trigger a more intense political backlash. In particular, if the U.S. stock market experiences a pullback, Trump is likely to blame Powell's remarks.

In this case, Powell may adopt a balanced approach, neither too hawkish nor too dovish. He needs to find a delicate balance between maintaining the independence of the Fed and responding to political pressures.

Overall, Powell faces a tough choice. He needs to weigh the effectiveness of monetary policy against avoiding unnecessary political conflicts. This is undoubtedly an important test of his leadership and political wisdom.