The Greek chorus of Fed watchers calling for an immediate interest rate cut this summer is growing. This may include your household as it is battered by high mortgage bills and credit-card rates plus disappointing 401(k)s.

US President Donald Trump said that reducing interest rates could save the US "800 billion dollars per year, plus," and urged Congress to press Fed Chair Jerome Powell during his appearance.

Federal Reserve Chair Jerome Powell is scheduled to testify before Congress Tuesday, where he will likely face question about interest rates, the Fed's independence from politics, and the impact of the U.