What’s Happening on Capitol Hill Today?

May 3, 3023

The big news in Washington today is, of course, the pending decision by the Federal Reserve’s Open Market Committee on interest rates. That decision is scheduled to be released early this afternoon.

A press briefing by Fed Chair Jerome Powell will follow, at about 2:30 p.m.

At its last meeting in March, the Federal Open Market Committee decided to raise the target range for the federal funds rate from 4.5-4.75% to 4.75-5% as it sought to return inflation to its 2% objective.

Another quarter-point rate increase on Wednesday would leave the Fed’s key rate at 5.1% — a 16-year high and a full 5 percentage points higher than in March 2022.

At that same meeting, officials forecast that they would implement one more hike and then leave rates unchanged until next year.

There are, in addition, a few things on the Senate’s schedule today.

For instance, a a group of Senate Democrats, including Sens. Dick Durbin, of Illinois, Bob Menendez, of New Jersey, Tim Kaine, of Virgina, and Peter Welch, of Vermont, are meeting with Venezuelan opposition leader Juan Guaid.

Meanwhile, another group of Democratic senators, including Sen. Chuck Schumer, was expected to gather this afternoon at the Ohio Clock corridor in the U.S. Capitol to discuss a new initiative and China competitive legislation that “will build off the massive CHIPS and Science Act to strengthen U.S. manufacturing, protect American jobs, and ensure America’s global leadership for generations to come.”

The Senate will also convene and proceed to executive session to resume consideration of the nomination of Orelia Eleta Merchant, to be U.S. District judge for the Eastern District of New York.

Over at the White House, the Bidens will host a reception and dinner for the Combatant Commanders, the nation’s top military leaders.

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