Federal Reserve Chair Jerome Powell faces intensifying pressure for rate cuts from the White House and even some of his fellow central bank policymakers as heads to Capitol Hill Tuesday for his semiannual testimony to Congress.

The Fed chair will appear before Congress this week. How lawmakers respond will be a key gauge of support for central bank independence.

U.S. President Donald Trump once again criticized Federal Reserve chair Jerome Powell, saying that the central bank chief "could do the biggest and best job" for the country by lowering interest rates.