Pete Hegseth continues to lead the Department of Defense as secretary, with recent congressional testimony on May 12 and 13, 2026, focusing on the ongoing Iran conflict and the administration’s $1.5 trillion fiscal 2027 defense budget request. These appearances, alongside ongoing military operations and internal Pentagon restructuring, have reinforced trader views that his position remains stable through late June. No public statements from the White House or Republican leadership signal an impending departure, while Democratic critiques have not translated into legislative or confirmation-related pressure. Historical patterns of cabinet continuity during active foreign policy engagements further support the current 94 percent implied probability that Hegseth will not exit the role by June 30. A major scandal or sudden shift in administration priorities could still alter this trajectory before the deadline.