According to CoinMeta, Powell is faced with a dilemma. Analysts and investors believe that this speech will serve as an early test to see whether Powell is willing to adapt to an increasingly concerned external environment regarding his policy plans. The Federal Reserve has failed to achieve its inflation target for 65 consecutive months now, and there has been very limited progress over the past year and a half. Gregory Daco, chief economist at ey-parthenon, stated that Powell's previous statements have been very general. There are concerns about the Fed's independence, as well as whether Powell is reluctant to discuss potential interest rate hikes for fear of angering Trump and his administration. Daco pointed out that Powell must be more cautious in his communications; he cannot give the impression that the Fed may be coordinating more with the Treasury Department, nor can he appear to be influenced by the president's requests to lower interest rates. In either case, the market could experience volatility.