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WSJ What’s News

Trump Expected to Nominate Kevin Warsh as Fed Chair

WSJ What’s News

The Wall Street Journal

Daily News, News

4.14.2K Ratings

🗓️ 30 January 2026

⏱️ 12 minutes

🧾️ Download transcript

Summary

A.M. Edition for Jan. 30. President Trump is reportedly planning to announce his choice to succeed Jerome Powell as Fed chair today: former Fed governor Kevin Warsh. WSJ finance editor Alex Frangos tells us it’s unclear which version of the central bank insider-turned-critic Trump would get. Plus, OpenAI says its hotly-anticipated public offering may come in the fourth quarter. And despite massive iPhone 17 sales, Apple investors are focussed on rising component costs that could hit the company’s bottom line. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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let's rock 18 plus participates in selected promotions to get lab bucks

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go get lab bucks with evening for offers or. Plus, the White House and Democrats close in on a deal to avoid a government shutdown,

0:42.3

and Apple shares tread water as investors look past a bumper earnings beat to a looming chip shortage.

0:49.0

That tells you something about people potentially concerned with these cost pressures

0:53.9

that may be coming

0:55.1

down the line for the components that go into the iPhone that could hit Apple's margins.

1:00.2

It's Friday, January 30th. I'm Luke Vargas for the Wall Street Journal, and here is the

1:04.6

AM edition of What's News, the top headlines and business stories moving your world today.

1:13.8

The Pick is in.

1:15.6

President Trump is expected to nominate Kevin Warsh to lead the Federal Reserve today,

1:20.8

ending months of deliberations that had seen a number of candidates effectively auditioning for the job.

1:26.3

So what would a Warsh-led Fed look like? Here's

1:29.7

Journal Finance Editor Alex Frankos. Warsh is very much the candidate that Wall Street and markets

1:34.7

probably are most comfortable with. He's a former Fed governor. He has deep ties on Wall Street.

1:40.5

But in recent years, he's become more of a Trumpian economic thinker. He's been very pro-rate-cut during this process, something that will have been pleasing to Trump's ears. But the question is, which Kevin Warsh will show up at the Fed? Is it going to be the old Kevin Warsh who was someone who wasn't afraid to go against the Fed consensus or the one who more recently thinks the same tune as Trump in terms of pro tariffs and

2:02.7

wanting rate cuts, even while others think there's still inflationary pressure in the economy

2:07.1

and therefore you shouldn't. So I think Trump has to worry a little bit that he puts the guy in

2:11.6

and then he goes against him. And that's been his big reservation. But clearly he got comfortable

2:15.8

with Warsh and that's the way it's going.

2:18.0

The White House and Warsh didn't immediately respond to requests for comment. Jerome Powell's

...

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