ANALYSIS: President Trump has said he may move up the announcement of Powell's replacement, with analysts looking for public debate among FOMC members for clues as to who is 'auditioning' for the role.

Federal Reserve Chair Jerome Powell was back on Capitol Hill for his second day of testimony. This time he was in front of the Senate Committee on Banking, Housing, and Urban Affairs. Powell has said recent economic data would likely have justified cutting interest rates,

U.S. Federal Reserve Chair Jerome Powell resumes two days of Congressional testimony on Wednesday when he appears before the Senate Banking committee after scrutiny before a House panel the day before that focused on the Fed's concerns the Trump administration's tariff plans will raise inflation.

ABC News’ Alexis Christoforous reports on the second day of testimony from Federal Reserve Chair Jerome Powell, and the likelihood of a cut in interest rates.