Funeral services for the late Sen. Lindsey Graham are set for his home state of South Carolina today, while the Federal Reserve is expected to announce its latest interest rate decision after two days of deliberations.
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Meanwhile, former White House chief medical advisor Anthony Fauci returns to Capitol Hill for a closely watched Senate hearing, and across the Pacific, Japan is assessing the damage from a powerful 7.1-magnitude earthquake.
Here are four stories worth following:
Quote Driving the News:
“He wants to do the right thing. I know what he wants to do,” President Donald Trump said of Federal Reserve Chair Kevin Warsh on Tuesday, ahead of the central bank’s latest interest rate decision
South Carolina Prepares for Lindsey Graham’s Final Farewell
What we’re watching: Following an invitation-only service for the late Sen. Lindsey Graham at Washington’s National Cathedral on Tuesday – at which President Donald Trump called Graham a “true American original” – public funeral services and an F-16 flyover will be held for Graham in South Carolina today.
Why it matters: The South Carolina services conclude a series of honors for one of the Senate’s most influential foreign policy voices, whose death has already reshaped the state’s political landscape with a special election underway to fill his seat.
Federal Reserve Set to Announce Interest Rate Decision
What we’re watching: The Federal Reserve will announce its latest interest rate decision this afternoon, with most economists expecting officials to leave rates unchanged after their two-day policy meeting. Investors will be watching closely for Chair Kevin Warsh’s comments on inflation amid higher energy prices and tariffs.
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Why it matters: Even if rates remain steady, markets are looking for clues about whether the Fed is preparing to resume rate hikes later this year. The decision will influence borrowing costs for mortgages, auto loans and credit cards.
Fauci Returns to Capitol Hill for High-Stakes Senate Hearing
What we’re watching: Former White House chief medical advisor Anthony Fauci will testify before the Senate today, where lawmakers – including Sen. Rand Paul of Kentucky, who has been one of Fauci’s loudest critics – are expected to question him about the federal response to COVID-19 and his time leading the nation’s public health response.
Why it matters: Fauci’s appearance is likely to reignite political debates over the pandemic, public trust in government health agencies and the future independence of federal scientists. The hearing also comes amid renewed efforts by the Trump administration to reshape public health leadership.
Japan Assesses Damage After Powerful Earthquake
What we’re watching: Emergency crews are continuing rescue operations across Japan’s southern Kyushu island after a powerful 7.1-magnitude earthquake collapsed buildings, sparked fires and injured at least dozens of people. Officials advised hundreds of thousands of residents to evacuate, suspended rail service and warned that strong aftershocks could continue for days, though an earlier tsunami advisory was lifted.
Why it matters: The quake is one of Japan’s strongest in years and has disrupted transportation, power and manufacturing in a region still recovering from devastating earthquakes a decade ago.
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