MNI POLITICAL RISK - Congress Shifts Focus To FY26 Spending

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Executive summary:

• Lunch with Vice President JD Vance is the only event in President Donald Trump's diary toda. Philippine President Ferdinand Marcos, Jr. will meet Secretaries Rubio and Hegseth today ahead of a meeting with Trump later in the week.
• OpenAI CEO Sam Altman will meet Fed officials and Wall Street executives on Tuesday to kick off a big week for AI. Trump will deliver the keynote address at an AI summit on Wednesday. The White House may release its 'AI Action Plan' the same day.
• Japanese PM Shigeru Ishiba's electoral setback could weaken his position to negotiate a trade deal with Trump. South Korea’s national security adviser is in Washington for a second round of talks to head off a 25% tariff. Commerce Secretary Howard Lutnick hinted that Canada's tariff rate will remain in place.
• The EU is “readying a counterattack”, after US officials reportedly told Trade Commissioner Maros Sefcovic to expect a higher tariff rate than anticipated.
• A Senate appropriations vote this week will test the risk of a government shutdown.
• Trump officials could visit the Fed's D.C. office today to examine a renovation project at the centre of threats to oust Chair Powell.
• Treasury Secretary Scott Bessent described a landmark crypto bill as "a seminal moment for digital assets and dollar supremacy".
• A ceasefire deal in Gaza is looking increasingly unlikely. Iran nixed near-term nuclear talks with the US.
• Poll of the Day: Economists lowered the likelihood of a recession.

Please find the full article attached below: US DAILY BRIEF