Congress returns after their two-week Easter break. House Speaker Johnson announced that he will formally send the Senate the bill of impeachment against Homeland Security Secretary Alejandro Mayorkas. The Mayorkas impeachment is the first one against a member of the President’s cabinet in over 100 years.
The House impeached Mayorkas on a partisan vote of 214-213 demonstrating that there is no Democratic support for the effort as it moves to the Senate. Under the Senate rules the House impeachment is a privileged motion that they must take up. Senate Leader Schumer has not shown his hand, but with no support from Senate Democrats and skepticism among some Republicans it should be disposed of quickly.
In addition to the formality of sending the Mayorkas impeachment resolution to the Senate Speaker Johnson has told Members of the Republican caucus that he has a plan to bring up a legislative proposal to provide money for Ukraine. The Speaker apparently has a different plan than the legislation that the Senate passed which contains money for Ukraine, Israel, and Taiwan, though most of the money is spent in the US for the manufacture of arms.
The aid package faces opposition from some Republicans who oppose the Ukraine portion of the package, and now opposition from some Democrats for aid to Israel focused on their opposition to the war in Gaza. Tough week ahead for the Speaker.
Big week for Fed watchers
Wednesday is a big day for Fed watchers with the release of the March CPI in the morning and the minutes from the March FOMC meeting coming out at 2:00 in the afternoon.
While the Fed looks at a great deal of data, from my political days in DC, the main number that politicians and local media focus on is the CPI. It is relatively easy to understand and relates to the daily money issues of voters.
Wednesday afternoon the Fed will release the minutes from the March FOMC meeting when the Committee decided to keep rates steady. Chair Jay Powell has successfully kept the vote on rate decisions unanimous, and by reading the minutes Fed watchers can see how much of a split there may be between the hawks and doves on the Committee.
Obviously, following the morning release of the CPI, and then the FOMC minutes, Fed rate policy will be a major focus on Wednesday.
Yellen in China, Japanese PM in DC
Treasury Secretary Janet Yellen is completing her trip to China with meetings in Beijing that included Premier Li Qiang. Secretary Yellen said that the discussions focused on “the US and China responsibility managing our economic relationship, with a level playing field for American workers and firms. I emphasized that we can only make progress if we directly and openly communicate.” This kind of dialogue is a core part of President Biden’s policy of engagement between the two global economic superpowers.
On Wednesday in DC President Biden will have White House meetings with Japanese Prime Minister Fumio Kishida. Following the talks that evening the Bidens will host a state dinner for the Prime Minister and his wife. On Thursday the Prime Minister will address a joint session of Congress.
The talks are expected to focus on trade and the growing tension in the region as China grows its military, especially its navy. In addition to China there is the military risk posed by the regime in North Korea that sends ballistic missiles over Japan. At this point Japanese officials are saying that the Prime Minister will not bring up the proposed acquisition of US Steel by Nippon Steel.
