King Charles Addresses Congress and Attends White House State Dinner; Federal Reserve Holds Rates Steady

King Charles III delivered an address to a joint session of Congress, the second time a British monarch has done so after Queen Elizabeth II in 1991. In the speech he noted the U.S. role in helping Europe rebuild after World War II and in establishing NATO, and he described the U.S.-U.K. partnership as one the two countries would continue to renew.

President Donald Trump and first lady Melania Trump hosted King Charles III and Queen Camilla at a state dinner in the White House East Room on April 28. The king presented Trump with a bell from the HMS Trump, a World War II-era British submarine inscribed “Trump 1944.” During the dinner Charles remarked that the occasion marked “a very considerable improvement on the Boston Tea Party.”

The Federal Reserve left its benchmark interest rate unchanged for the third consecutive meeting. Chair Jerome Powell said after the decision that he would remain on the Fed’s board as a governor after his term as chair ends in mid-May. Powell stated, “I would never be a shadow chair.

I will be a governor. ” He added that he plans to serve in that capacity for an undetermined period.

The Senate Banking Committee approved Kevin Warsh as Powell’s successor as chair on a party-line vote. Under the Federal Reserve’s statutes Powell could continue as a governor until January 2028. U.S. Treasury Secretary Bessent said it would be highly unusual for Powell to remain on the board after stepping down as chair.

U.S. average gasoline prices reached $4.18 a gallon, the highest level in four years. The previous peak of $4.15 a gallon occurred in April 2022. Brent crude traded near $111 a barrel on Tuesday, down from a recent high of $119 but nearly 60 percent above pre-war averages.