WSJ What’s News - How Trump’s Pick Stephen Miran Could Shake Up the Fed’s Next Meeting

Episode Date: September 15, 2025

P.M. Edition for Sept. 15. Tonight the Senate will vote on whether to confirm economist Stephen Miran, Trump’s pick to join the Fed’s board of governors; if confirmed, Miran could attend the next Fed meeting, which kicks off tomorrow. WSJ markets reporter Sam Goldfarb joins us to discuss what we know about Miran, and what that might mean for the Fed’s decision on interest rates. Plus, the U.S. and China have reached a framework deal on TikTok, just days before the app was set to be banned in the U.S. And President Trump has called for an end to the requirement that companies report their earnings quarterly. We hear from Journal capital markets reporter Corrie Driebusch about who wants that, and why. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

When you're with Amex Platinum, you get access to exclusive dining experiences and an annual travel credit. So the best tapas in town might be in a new town altogether. That's the powerful backing of Amex. Terms and conditions apply. Learn more at Amex.ca. The U.S.C.com. The U.S. and China reach a framework deal for TikTok.

Plus, Stephen Myron, President Trump's pick for the Fed Board, is said to be confirmed by the Senate. Myron hasn't said what he'll do, and he's said that he'll be independent, but there's a lot of speculation that maybe he will be Trump's man on the inside. And why Trump wants to get rid of quarterly earnings reports. It's Monday, September 15th. I'm Alex Oscella for the Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. U.S. and Chinese negotiators have reached a framework deal on TikTok,

after two days of trade talks in Madrid, and just days before the app was set to be banned in the U.S. Until these meetings, Chinese authorities had not appeared to be keen to reach a deal. The newfound flexibility is likely linked, to Beijing's intensifying efforts to secure a state visit from President Trump. It's still not clear whether Chinese negotiators agreed to U.S. demands that TikTok's Chinese parent company, Bight Dance, sell its controlling stake to U.S. investors as part of the deal. Treasury Secretary Scott Bessent, who led the U.S. delegation, said the deal will be confirmed

by Trump and Chinese leader Xi Jinping after a call on Friday. In a post on truth social, President Trump said, today that companies should no longer be required to report their earnings on a quarterly basis, as they done for at least the last 50 years. This isn't a new idea. In fact, it's one that Trump explored during his first term, but is gaining more traction now. WSJ Capital Markets reporter Corey Dreybush is here now with more. Corey, last week on the show, you were talking about the long-term stock exchange and its plan to petition the SEC to eliminate the requirement to report quarterly earnings. What is the argument in favor of getting rid of them? The

argument for that is that there's a big cost associated with quarterly earnings reports. The proponents of eliminating this requirement say that this is a distraction from long-term planning. On the other hand, proponents of keeping a quarterly earnings requirement say that the reason the U.S. is such a great and healthy capital market to invest in is because of how much information investors have. And by getting rid of every three-month reporting requirements, investors will have less access to information, and that will be a detriment. Is there any other reason for supporting this change? People who are advocating for this will say that this is too costly for companies, and also it's too much of a headache. And the

headache part might be a reason that companies don't want to go public. However, people who are petitioning the SEC will say that by getting rid of the requirement to report quarterly earnings, maybe that will encourage some companies to go public, and that might help this situation. That kind of covers what this proposal would mean for companies, but what about investors? There tends to be this belief that investors want as much information as possible and need as much of information as possible, and that is one of the reasons investor advocates say that the U.S. public markets are some of the best in the world is because investors have access to some of the best and most frequent information. On the other hand, you could say that the people who are trading

based on quarterly earnings reports are not necessarily the long-term investors who usually buy them in long-term mutual funds and are holding them for years and years. That was W.S.J. reporter, Corey Dreebush. U.S. stocks ended higher today after President Trump hinted at a deal with China and as investors awaited the expected start of a rate-cutting campaign by the Federal Reserve. The NASDAQ led the gains, closing up about 0.9% and notching a new record. The S&P 500 added about half a percent, also hitting a record, and the Dow rose about 0.1%. Tesla's shares jumped nearly 4% in trading today after a regulatory filing showed that Elon Musk purchased more than 2.5 million shares in the company via a trust on Friday,

totaling around $1 billion. And Marks Musk's first purchase of the stock in the open market since February 2020. The move signals Musk's commitment to the electric vehicle maker as the company's board prepares for a shareholder vote on a lucrative new pay package that could deliver as much as $1 trillion in stock to him over the next decade. ExxonMobil wants to enlist an unlikely ally in its clashes with activist investors, its everyday shareholders. Today, U.S. regulators allowed Exxon to ask its thousands of individual investors who collectively own almost 40% of the company's shares to sign up for a free program that would cast their votes on shareholder proposals. Exxon's fight with activist investors ramped up a decade ago when it faced lawsuits from states claiming,

that it misled investors by publicly casting doubt on climate science, even though it had known for decades about the effects of burning fossil fuels on the environment. Colin Eaton, who covers U.S. oil companies for the journal, explains why Exxon's move is pretty significant. This is actually the first time a non-financial public company has pursued this type of program, given the SEC's decision to have no objections, essentially, to Exxon's proposal. this means that any other company can reference this letter and offer similar programs. And there may be some others that follow suit.

They are hoping that these investors sign up to just vote on shareholder proposals in lockstep with the company. That would dilute the effect of activist shareholders even further. Companies are getting bolder, particularly as this administration is taking shape. and there's been less of an appetite for activist investors to go after companies on matters of ESG, environmental, social, and governance in general. Tyson Foods said it would stop using high fructose corn syrup and branded products by the end of the year. The Arkansas-based meatpacking giant that owns brands such as Jimmy Dean, Ballpark, and Hillshire, said it would also stop using the artificial sweetener Zucral.

the preservative BHA-B-H-T and titanium dioxide, a food coloring. It's the latest company to change recipes as the Trump administration takes aim at the ingredients used in processed foods. Tyson said the decision was voluntary and follows its previous efforts to reduce sodium, sugars, and other food additives. Coming up, what we know about economist Stephen Myron, Trump's pick, to join the Fed's board of governors. That's after the break. During the Volvo Fall Experience event, discover exceptional offers and thoughtful design that leaves plenty of room for autumn adventures.

And see for yourself how Volvo's legendary safety brings peace of mind to every crisp morning commute. This September, leased a 26 XE90 plug-in hybrid from $599 bi-weekly at 3.99% during the Volvo Fall Experience event. Condition supply, visit your local Volvo retailer or go to explorevolvo.com. Economist Stephen Myron is at the forefront of President Trump's bid to remake the Federal Reserve. The Senate is set to vote tonight on whether to confirm him as the newest addition to the Fed's board of governors.

Since Myron is already the chair of the White House's Council of Economic Advisors, this would mark the first time since the creation of the modern Fed in the 1930s that a sitting member of the executive branch would also serve. at the central bank. Sam Goldfarb covers markets for the journal and joins me now. Sam, who is Myron? What do we know about him? Stephen Myron is a Harvard-educated economist who had a somewhat uneventful, somewhat at times frustrating career on Wall Street for about a decade before he joined Trump's Treasury Department briefly at the very end of Trump's first term. After that, he went back to Wall Street and try to start his own investment firm. When that didn't work out, he

started devoting his time to publishing his thoughts on the economy and then starting to write these longer academic-like papers on these kind of provocative economic subjects. It caught the attention of Trump's inner circle and he was appointed chair of the Council of Economic Advisors. And so he's served in that role for several months. And now he's their pick to at least briefly serve on the Fed. Right. You said briefly, this Fed position that Myrine is up for only runs through the end of the year. What could happen next? Quite controversially, he hasn't resigned from his position in the White House. He's only taking a leave of absence, which is very unusual, basically unprecedented in the history of the modern Fed. And he's taken a lot of criticism for that. One option

would be in January, he just returns to the job that he's been holding till now. Another possibility is Trump could just not name a successor to him and he could serve in an acting role at the Fed. In that scenario, he hasn't pledged to resign from the White House either. Also, Trump could potentially nominate him for a different seat on the Fed that would serve for a longer time. If Myron is confirmed he's expected to vote at the Fed's two-day policy meeting kicking off tomorrow,

what could his position be given his loyalty to Trump? The Fed is expected to cut rates by a quarter of percent. percentage point. Myron hasn't said what he'll do, and he's said that he'll be independent, but there's a lot of speculation that maybe he will be Trump's man on the inside and pushing for larger rate cuts because Trump has talked about how rates should be three percentage points lower than they are now, not just a quarter of a percentage point. So it'll be very interesting to see whether Myron starts echoing that type of rhetoric in his new position. That was WSJ reporter, Sam Goldfarb. Thanks, Sam.

Thank you. Former federal prosecutor Maureen Comey has sued the Trump administration, arguing her firing from the Manhattan U.S. Attorney's Office was unlawful and unconstitutional. According to the lawsuit filed in Manhattan federal court today, the Trump administration fired Comey, the daughter of Trump critic and former Federal Bureau of Investigation Director James Comey, in July, without providing a reason or advance notice. The White House didn't immediately respond to a request. for comment. A spokesman for the U.S. Attorney's Office in Manhattan declined to comment.

On the battlefields from Ukraine to Gaza, drones, body cams, and digital sensors are generating huge amounts of data. At the center of the new battle to wrangle all that digital information are legacy tech companies. WSJ Brussels Bureau Chief Dan Michaels told our Tech News Briefing podcast what makes these tech brands so well suited to helping in modern warfare. These are the companies that for decades now have been learning the science and the craft of moving vast amounts of data across networks and crunching through it. So one of the companies that I looked at in my article is Nokia, which now does new 5G networks. They're really good at moving data of all kinds in all directions, doing it securely, doing it fast. and without glitches.

Another company is Oracle, which has been around since the 70s, now very much a player in AI, but also deep into military data, storage, and processing, working with companies like Palantir, which is a digital defense company. Dell and a few other old-school PC makers

are producing equipment, PCs, tablets, other things rugged enough to be used on a battlefield because the battlefield, odd as it may sound, is becoming in some ways like an office. To hear more from Dan, listen to tomorrow's episode of Tech News Briefing. And that's what's news for this Monday afternoon. Today's show is produced by Pierre Bienname and Rodney Davis with supervising producer Michael Cosmites.

I'm Alex Ozzellah for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening. You know,