Squawk Pod – January 30, 2026

Episode Title: Kevin Warsh, Gov. Wes Moore, & Exxon’s Darren Woods
Hosts: Joe Kernen, Becky Quick
Main Guests: Governor Wes Moore (Maryland), Kevin Warsh (President Trump’s pick for Federal Reserve Chair, discussed via Steve Liesman), Darren Woods (ExxonMobil CEO)

Episode Overview

This episode dives into three major topics shaping economic and political headlines:

• Maryland Governor Wes Moore discusses affordability, pragmatic governance, and the future direction of the Democratic party.
• The breaking news and implications of President Trump selecting Kevin Warsh as the next Federal Reserve Chair, as analyzed extensively by CNBC’s Steve Liesman.
• ExxonMobil CEO Darren Woods discusses the company’s strong financial performance despite low oil prices, its global strategy, and the broader energy policy landscape.

The tone is lively, candid, and colored with the hosts’ trademark wit and playful banter, especially as they tackle complicated policy issues and industry trends head-on.

Section 1: Affordability and State Policy – Governor Wes Moore

[03:36–14:28]

Key Discussion Points

• Affordability as a Persistent Challenge:
  • Governor Moore emphasizes that affordability is not a new issue. His gubernatorial campaign focused on "creating pathways for work, wages, wealth... making sure that people can find good jobs that pay FAIR wages, and people have a chance to own more than they owe." (04:04)
• State Actions and Policy Priorities:
  • Moore targets corporate price manipulation, advocating for transparency in grocery pricing driven by consumer data.
  • Housing: He positions himself as “one of the most bullish governors in this country on increasing housing inventory,” aiming to drop costs through supply expansion.
  • Energy: Advocates an "all of the above" approach—expanding nuclear, solar, and other energy options to keep costs down.
• Wages and Economic Realities:
  • While nominal wages are rising, Moore notes they’re not keeping up with costs: “We're finally watching wages rise, but we're not watching wages rise to the same extent as prices. And that's the thing. I think people feel their real...” (05:44)
  • Rising unemployment adds a “stagflation” pressure.
• Maryland’s Economic Turnaround:
  • Despite significant federal job losses (“over 25,000 federal employees fired... just in Maryland alone”), Maryland’s private sector job growth keeps state unemployment below national average.
• Balanced Budgets and Taxation:
  • Moore highlights his fourth consecutive balanced state budget, “that does not raise taxes or fees,” while investing in public schools and law enforcement. Recent tax reforms include tax cuts for the middle class and veterans, with slight increases only for high earners.

Notable Quotes

• On bipartisan potential of ‘baby bonds’:
  “Baby bonds and these type of structures are things that I have advocated for for years. I think it's one of the more effective things that you can do to actually impact the issue of childhood poverty, which is the reason why I ran for governor in the first place.” – Gov. Wes Moore [09:07]
• On being pragmatic rather than partisan:
  “I don’t do the ‘are you this or are you that?’ I’m like, what makes sense… I just like getting things done and I don’t like falling into the ideological boxes.” – Gov. Wes Moore [14:28]
• On results:
  “Maryland has had the fastest drop in violent crime anywhere in the United States of America over the past two years. Violent crime is down nearly 50% since I put my hand on the Bible and was inaugurated.” – Gov. Wes Moore [12:04]

Section 2: Breaking News – Kevin Warsh Nominated as Fed Chair

[16:52–31:10]

Key Discussion Points

• Trump’s Nomination and Warsh’s Credentials:
  • President Trump’s post on Truth Social announces Warsh’s nomination, emphasizing Warsh’s credentials—from Hoover Institution and Stanford GSB to Fed Governor, to White House Economic Policy.
• Policy Stance and Critiques:
  • Warsh is known as a critic of QE (Quantitative Easing) and of Powell’s pandemic inflation response. He believes the Fed should focus on shrinking its balance sheet and reducing its “footprint.”
  • Warsh champions Fed independence, arguing it is best preserved by "reducing its footprint in the economy, balance sheet, and its political profile." (Steve Liesman, 21:31)
• Street and Staff Reaction:
  • Steve Liesman explains that Warsh’s hawkish reputation and public criticisms raise concerns about his ability to build consensus within the FOMC.
  • Wall Street expects Warsh not to be a “dove” on rates, nor a rubber stamp for Trump’s preferences for easier monetary policy.
• On Fed Independence:
  • The hosts point out that, compared to other mooted nominees, Warsh’s selection signals Trump’s willingness to appoint a more independent-minded Fed chair.
• Market Perspective:
  • The discussion touches on the complexity of the Fed’s relationship with growth and inflation—dispelling the misconception that strong growth necessarily leads to preemptive rate hikes.

Notable Quotes

• On Warsh’s views:
  “He's been a sharp critic, as you know... blames them for the pandemic inflation... He has said the balance sheet can be ‘reduced significantly.’” – Steve Liesman [20:38]
• On Fed chair’s job:
  “What you just pointed to is essentially the Federal Reserve chair's job... he’s going to have to put a consensus together... and work with the staff.” – Steve Liesman [27:01]
• On Fed independence and markets:
  “I don't think that Kevin Warsh is going to preside over runaway inflation in this economy. And I think that there is room for the Federal Reserve to be tighter with its policy.” – Steve Liesman [30:11]

Memorable Banter:

• “Can we just say for Fed watchers that had hair that was on fire, that the worst did not come to pass?” – Joe Kernen [15:09, 29:15]
• Playful “anti-baldite” jokes between Joe and Steve Liesman [29:28–31:10].

Section 3: ExxonMobil’s Darren Woods – Oil, Profitability, and the Future of Energy

[34:09–48:59]

Key Discussion Points

• Strong Results Amid Low Oil Prices:
  • Despite $6 billion in lost earnings from lower oil/commodity prices, ExxonMobil clawed back half through increased volumes and cost reductions.
  • Record production in Guyana and the Permian contributed to Exxon’s highest output in over 40 years.
  • Since 2019, over $15 billion in structural cost reductions—greater than all major competitors combined.
• Operational and Strategic Excellence:
  • Woods attributes success to operational discipline, technological innovation, and world-class project execution: “That is the foundation that we've laid that's led to this growth.” [37:14]
• On Venezuela:
  • Exxon unlikely to reinvest without major political and legal reforms due to past expropriations: “If you don’t uphold the sanctity of the contracts… we can't continue to work with you… It's a very slippery slope once you begin to cooperate, work with people who are stealing from you.” [40:10]
  • Woods says outstanding compensation claims are now “not material” for Exxon but future investments will require secure legal frameworks.
• Transition and Environmental Policy:
  • Exxon continues investing in both traditional oil/gas and decarbonization technologies like carbon capture—but only where it makes prudent business sense: “If the markets don't develop for these investments... we won't make the investments. That's how we run the business.” [44:32]
  • Warns against Europe’s “ideological” energy policies, citing negative impacts on economic competitiveness and energy security [45:02].
• Outlook on Oil Prices & Global Supply:
  • Despite geopolitical tensions, Woods sees global oil supply as comfortable and industry healthy: “The markets are well supplied... that’s why we haven’t seen a lot of volatility... even with all the geopolitical dynamics.” [46:38]
• Linking Energy and AI/Data Centers:
  • Exxon is collaborating with tech companies to provide low-emission power for data centers, seeing new opportunities at the intersection of AI and energy demand [47:47].

Notable Quotes

• On Exxon's approach to energy transition:
  “We can walk and chew gum. We can do both these things.” – Darren Woods [44:32]
• On policy and energy security:
  “Europe is a classic example of how they've let that ideology drive their policy, which is significantly impacting the investability of Europe, the competitiveness of the assets that are there. Their businesses are shrinking, our industry is shrinking there. That's really putting them in a perilous position... and Europe’s got to make a significant change here.” – Darren Woods [45:02]
• On Exxon's readiness for market bumps:
  “There may be some bumps and some volatilities, but the industry is pretty healthy today and pretty capable of responding...” – Darren Woods [46:38]

Timestamps – Key Segments

• [03:36–14:28] Governor Wes Moore: Affordability, economic policy, pragmatic governance, Democratic Party direction
• [16:52–31:10] Kevin Warsh nominated for Fed Chair: Announcement, analysis by Steve Liesman, implications for the Fed, markets, and independence
• [34:09–48:59] ExxonMobil’s Darren Woods: Quarterly results, global oil outlook, Venezuela, energy policy, transition, and climate politics
• [19:40–20:07] Anecdote about Warsh at Michael’s restaurant – Joe Kernen
• [44:32] Woods’ take on whether Exxon will continue decarbonization investments in shifting political climates

Memorable Moments & Humorous Exchanges

• Wes Moore’s pragmatic, non-partisan identity:
  Joe and Becky try to “pigeonhole” Moore into party labels, but he insists he’s focused on “what works.”
  “I just like getting things done and I don’t like falling into the ideological boxes.” [14:28]
• Fed Watcher Humor:
  Multiple references to “hair on fire” over potential Fed picks, segueing into “anti-baldite” jokes between Joe and Steve.
• Exxon and Energy Policy Banter:
  Joe jokes about global warming (“It's colder than hell back here”), poking fun at climate politics and referencing Al Gore’s appearance at Davos.
• Woods on dual focus:
  “We can walk and chew gum. We can do both these things.” [44:32]

Conclusion

This episode of Squawk Pod provides a well-rounded, dynamic look at major issues influencing economic, financial, and political landscapes as of early 2026. From macroeconomic strategy at the state and federal level to the global energy transition, the conversation is characterized by blunt realism, policy pragmatism, and a belief in practical, data-driven solutions—even as political and market forces diverge.

For listeners interested in:

• Real-world state governance and pragmatic progressivism
• The future of U.S. monetary policy and Fed independence
• Energy sector transformation and corporate adaptation to global trends

Most memorable takeaway:
Pragmatism is the word of the day—from Wes Moore’s “what works” ethos to the cautious, grounded strategy of Darren Woods at ExxonMobil and the nuanced, independence-minded perspective attributed to Kevin Warsh at the Fed.