Is the Federal Reserve suddenly open to cutting U.S. interest rates as early as July? That’s what Wall Street investors want to know when Fed Chair Jerome Powell testifies before Congress this week.

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.

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.