Treasury Secretary Scott Bescent is scheduled to return to Capitol Hill on Wednesday for a second day of testimony. His discussions will focus on the global financial system, coinciding with the Federal Reserve’s upcoming interest rate decisions and President Trump’s initiative to eliminate global tariffs.
In the early months of his second term, Trump has shown some inconsistency regarding Fed Chairman Jerome Powell. He chose not to cut interest rates and reassured Powell that he wouldn’t be dismissed, despite market concerns about negative responses to potential rate cuts.
The market seems to be optimistic that the Fed will keep rates steady, having already suspended cuts in both January and March. The anticipated decision will be revealed at 2 PM.
FBI Director Kash Patel will also be providing testimony before the House Budget Committee regarding the agency’s budget.
Other officials from the Trump administration, including Secretary of Agriculture Brook Rollins, Secretary of Energy Chris Wright, and Secretary of the Army Dan Driscoll, are expected to defend their departments’ budgetary requirements. Additionally, Cam Hamilton, the acting FEMA administrator, will attend the oversight hearing.
On another note, the Doge Panel within the Oversight Committee is set to hold a hearing concerning transathletes.
In light of these events, Trump has a relatively light public agenda for Wednesday. White House Press Secretary Caroline Leavitt will give a short briefing for the media at 1 PM.
Stay tuned for further updates.
