Bessent pushes for Senate probe into Powell
Aiming to break the logjam over Warsh nomination
Hello Capitalists,
Here is everything you should be watching today:
Bessent wants Powell to be investigated by Senate Finance
Steel and aluminum tariffs may be rolled back after House vote
Treasury takes full custody of Venezuela oil revenue
Dubai Port CEO fired over Epstein links
Early tax refunds surge by 22%
Today’s markets + assets:
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Bessent pushes for Powell investigation by Senate Finance Committee
Treasury Secretary Scott Bessent urged Senate Republicans in a closed-door meeting Wednesday to shift the Justice Department’s criminal probe of Federal Reserve Chair Jerome Powell over renovation cost overruns to a Senate Banking Committee congressional investigation instead. The proposal aims to satisfy demands for scrutiny while avoiding executive-branch escalation and potentially unblocking stalled Fed nominations.
Congressional Off-Ramp Offered: Bessent framed the Senate Banking Committee probe as legislative oversight rather than criminal action to reduce distractions and institutional tensions.
Tillis Blockade Targeted: The idea serves as a potential compromise to persuade Sen. Thom Tillis to lift his hold on Federal Reserve nominees tied to resolving the DOJ investigation.
Trump’s Scrutiny Demand Met: Sources note the president seeks an investigation into Powell, with the Banking Committee route seen as satisfying that without DOJ involvement.
Powell Testimony Focus: The underlying issue stems from Powell’s 2025 congressional testimony on Federal Reserve headquarters renovation overruns, already under internal inspector general review.
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Trump eyes metals tariff rollback amid House revolt
President Trump is planning to scale back steep tariffs on steel and aluminum imports to ease consumer costs and affordability pressures ahead of November midterms, even as the House delivered a rare rebuke by voting to terminate his emergency tariffs on Canada—with six Republicans joining Democrats.
Bipartisan House rebukes: Six Republicans crossed party lines to pass Joint Resolution 72, terminating Trump’s national emergency tariffs on Canada despite Speaker Johnson’s efforts to block the vote.
Threats target Canada: Trump threatened 50% tariffs on Canadian aircraft and 100% retaliatory duties over Canada’s China trade deal, impacting companies like Bombardier.
Exemptions expand deals: Administration exempted Big Tech firms from chip tariffs, finalized tariff cuts with Taiwan, advanced $550B US-Japan projects, and cut duties on Bangladesh apparel.
Markets react sharply: Aluminum prices fell over 2%, Bombardier shares dropped 4.75%, and broader concerns hit autos, luxury goods, and imports, with container volumes down 6.8% in January.
Venezuela oil billions now flow directly to the US Treasury
U.S. Energy Secretary Chris Wright announced Thursday that Venezuelan oil sales under Trump administration control have surpassed $1 billion, with funds now flowing directly to a U.S. Treasury account instead of a temporary Qatar holding to shield against creditor claims. The shift follows Maduro’s capture last month and aims to rebuild the nation’s battered energy sector.
Revenue Surge Accelerates : Oil sales controlled by the U.S. have exceeded $1 billion since January, with short-term deals set to deliver another $5 billion in coming months to U.S. refineries and Europe.
Qatar Account Scrapped : Initial $500 million was parked in a U.S.-controlled Qatar account to avoid freezes from Venezuela’s massive debt claims, but all future proceeds now go straight to U.S. Treasury.
Creditor Risks Loom Large : Venezuela faces tens of billions in claims from defaults and nationalized assets like those of Exxon Mobil and ConocoPhillips, prompting the temporary offshore workaround.
Political Scrutiny Mounts : Democrats including Schumer and Schiff introduced legislation for an independent audit of the Qatar arrangement amid questions over transparency and government recognition.
Dubai port giant ousts CEO over Epstein ties
Dubai’s DP World abruptly replaced longtime CEO and chairman Sultan Ahmed bin Sulayem on Friday after U.S. Department of Justice files revealed his years long friendship with Jeffrey Epstein, including post-conviction contacts and lewd exchanges, prompting major investors to pause new deals with the global logistics powerhouse.
Leadership shakeup details: Yuvraj Narayan, former deputy CEO and CFO since 2005, steps in as Group CEO, while Essa Kazim, ex-Governor of Dubai International Financial Centre, becomes board chairman to drive sustainable growth strategy.
Epstein connection revelations: DOJ documents describe Sulayem as Epstein’s “close personal friend” and “trusted” ally, with ongoing exchanges involving business advice, investments, and explicit references to sexual encounters and services.
Investor backlash impact: Canada’s La Caisse pension fund, with over $5 billion invested, halted further capital deployment, while British International Investment paused new projects in African ports until DP World addresses the situation.
No wrongdoing alleged: Authorities stress that Epstein file mentions do not prove criminal involvement or participation in blackmail schemes, though Sulayem’s ties continued after Epstein’s 2008 conviction for soliciting a minor.
Tax refunds surge 22% higher this season
Average federal tax refunds are running 22% higher this early 2026 filing season, Treasury Secretary Scott Bessent announced Friday, thanks to new tax breaks from President Trump’s 2025 legislation that weren’t reflected in paycheck withholdings, boosting many Americans’ returns amid midterm election buzz.
Refund boost drivers: New 2025 tax cuts from the “One Big Beautiful Bill” lead to larger refunds since IRS withholding tables stayed unchanged.
Historical comparison: Last year’s average refund was around $3,052 through mid-October; experts predict 15-20% overall increases for 2026.
Early data caution: Analysts warn initial figures can mislead as refunds often peak in mid-February due to credits like child and earned income tax credits.
Taxpayer variation: Refund sizes differ widely based on eligibility for breaks, with some seeing hundreds more and others potentially thousands depending on family or income factors.
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