What the End of the DOJ Investigation Means for the Next Fed Chair

WSJ What’s News

The Wall Street Journal

Daily News, News

4.1 • 4.2K Ratings

🗓️ 24 April 2026

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for April 24. The Justice Department will end its probe into Federal Reserve Chair Jerome Powell. WSJ chief economics correspondent Nick Timiraos discusses what that means for President Trump’s Fed chair nominee Kevin Warsh. Plus, weapons makers have seen war boost their sales, but their stocks have taken a hit. We hear from Drew FitzGerald, who covers defense for the Journal, about why investors are wary. And, after a rocky start, the Las Vegas Sphere is now the highest-grossing arena in the world. Entertainment reporter Katherine Sayre tells us why we might be seeing more Spheres around the world. Alex Ossola 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	The Justice Department drops its probe of Fed Chair Jerome Powell.
0:07.2	We'll get into what that means for Trump's pick for the next head of the Fed.
0:11.6	Plus, U.S. officials are heading to Pakistan for more talks with Iran.
0:15.8	And it may have had a rocky start, but now the Las Vegas sphere is the highest grossing arena in the world.
0:21.8	This idea of building a giant 17,000 seat dome near the strip puzzled a lot of people.
0:29.5	It turns out it works just because the technology is so immersive.
0:33.2	It's Friday, April 24th.
0:35.2	I'm Alex O'Silliv for the Wall Street Journal.
0:43.7	This is the PM edition of What's News, the top headlines and business stories that move the world today.
0:54.6	The Justice Department said today that it would end its criminal investigation of Federal Reserve Chair Jerome Powell.
0:59.4	The probe involved Powell's testimony to Congress about cost overruns on the renovation of two historic Fed buildings. Trump was insisting on the investigation just a few days ago
1:04.9	during an interview on CNBC.
1:06.5	We have to find out, why is a job that should have cost $25 million costing billions and billions of dollars?
1:14.7	Trump has also threatened to fire Powell, who has said the investigation was actually about pressuring the Fed over interest rates.
1:21.8	Our chief economics correspondent Nick Timrose joins me now to talk about the end of the investigation and what it means for
1:27.6	President Trump's pick for the next Fed chair, Kevin Warsh.
1:31.0	Nick, this announcement comes just days after U.S. attorney, Janine Piro, said publicly she
1:35.3	intended to press on with the case. Why the reversal?
1:38.8	Because Donald Trump's choice to run the Federal Reserve beginning in three weeks was not going
1:43.8	to get confirmed
1:44.8	by the United States Senate until this happened. Either Tom Tillis, the Republican senator,
1:50.8	who has said he will not vote for any Fed nominee until this probe goes away, or Donald Trump,
	...

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