How Trump’s Pick Stephen Miran Could Shake Up the Fed’s Next Meeting

Summary

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WSJ What’s News – PM Edition (September 15, 2025)

Episode Overview

This episode dives into several of the day's top economic and political developments, with a detailed focus on President Trump’s controversial pick, Stephen Miran, for the Federal Reserve’s Board of Governors. It examines how Miran’s potential confirmation could influence the Fed’s upcoming interest rate meeting, explores Trump’s renewed push to end quarterly earnings reports, and covers notable market stories including activist investors at ExxonMobil, changes at Tyson Foods, and more.

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1. U.S.–China TikTok Deal (00:31–01:51)

• Main Point: U.S. and China have reached a "framework deal" on TikTok, just days before a threatened U.S. ban.
  • Negotiations conducted in Madrid; Chinese flexibility tied to Beijing’s desire for a state visit from Trump.
  • It's unclear if ByteDance, TikTok's parent company, has agreed to divest its U.S. stake, which remains a U.S. demand.
  • The decision will be confirmed by Trump and Xi Jinping after an upcoming call.
• Notable Quote:
  • "The newfound flexibility is likely linked to Beijing's intensifying efforts to secure a state visit from President Trump." —Alex Osola (00:49)

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2. Trump's Proposal: Ending Quarterly Earnings Reports (01:51–04:11)

• Summary:
  • Trump publicly called for companies to no longer be required to report earnings quarterly, reviving a long-debated idea.
  • Corey Driebush (WSJ Capital Markets reporter) explains:
    • Proponents argue quarterly disclosures distract from long-term corporate planning and are costly for companies.
    • Opponents believe frequent reporting ensures transparency and maintains the superiority of U.S. markets.
    • Removing quarterly reports could incentivize more companies to go public, alleviating "headache" and cost barriers.
  • Investor Impact:
    • Some suggest less frequent data could diminish market transparency, though long-term investors may be less reliant on these reports than traders.
• Key Quotes:
  • "There's a big cost associated with quarterly earnings reports. Proponents of eliminating this say it's a distraction from long term planning." —Corey Driebush (02:24)
  • "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." —Corey Driebush (03:05)
  • "One of the reasons investor advocates say that the US markets are some of the best in the world is because investors have access to some of the best and most frequent information." —Corey Driebush (03:39)

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3. Market Highlights: Major Movers (04:11–05:56)

• Stock Market Recap:
  • U.S. stocks surged after Trump’s China deal hints and anticipation of Fed action; Nasdaq up 0.9%, S&P 500 up 0.5%.
  • Tesla gained nearly 4% after Elon Musk purchased roughly $1 billion in shares, his first open-market buy since 2020, signaling commitment ahead of a new shareholder vote on his compensation.
• ExxonMobil vs. Activist Investors:
  • Exxon gains SEC approval to let individual shareholders collectively vote with management on proposals—unprecedented for a non-financial public company.
  • The move aims to counter activist campaigns over ESG (Environmental, Social, Governance) issues.
• Expert Insight:
  • "This is the first time a non financial public company has pursued this type of program... 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 en masse." —Colin Eaton (05:56)

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4. Food Industry News: Tyson’s Ingredient Overhaul (06:55–07:44)

• Announcement: Tyson Foods will eliminate high fructose corn syrup, sucralose, certain preservatives, and titanium dioxide from branded products by year-end.
• Broader Context: Represents a proactive industry move as the Trump administration scrutinizes processed food additives.
  • Tyson states the change aligns with ongoing health-focused efforts.
• Tone/Implication: Another signal of shifting regulatory and public expectations around food safety and transparency.

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5. Stephen Miran: Trump’s Pick for the Fed and What’s at Stake (08:15–10:58)

Who is Stephen Miran? (08:15–08:56)

• Harvard-educated economist; a decade-long Wall Street career, brief tenure at Treasury at the end of Trump’s first term.
• Gained notoriety publishing provocative economic analyses leading to his role as Trump’s Council of Economic Advisors chair.
• Now set for potential Fed board confirmation.

Quote:

"He had a somewhat uneventful, somewhat at times frustrating career on Wall Street... then started devoting his time to publishing his thoughts... It caught the attention of Trump's inner circle." —Sam Goldfarb (08:46)

Unprecedented Dual Role and Next Steps (09:34–10:21)

• Controversy: Miran would be the first sitting executive branch member to serve simultaneously on the Fed board; he’s only taking a leave from his White House post, not resigning.
• Future Possibilities:
  • Return to White House in January
  • Trump leaving position vacant could let Miran serve in acting roles
  • Potential nomination for a longer Fed term

Quote:

"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..." —Sam Goldfarb (09:42)

What Would Miran’s Confirmation Mean? (10:21–10:58)

• Immediate Impact: Could participate in the Fed’s critical policy meeting starting the next day.
  • Fed widely expected to cut rates by 0.25 points, but Trump has called for much larger cuts.
• Independence Questioned: Miran claims independence but is widely speculated to be "Trump’s man on the inside," possibly advocating for deeper rate cuts.
• Potential Flashpoint: Watchers will be looking for Miran to echo Trump’s aggressive rate-reduction rhetoric.

Quote:

"Myron hasn't said what he'll do and he's said that he'll be independent. But there was 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." —Sam Goldfarb (10:30)

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6. Briefs: Legal & Global Tech (11:08–13:06)

• Maureen Comey's Lawsuit: Former federal prosecutor and daughter of James Comey sues the administration over her dismissal by the Manhattan U.S. attorney’s office, calling it unlawful and unconstitutional.
• Tech at War: Dan Michaels (WSJ Brussels) discusses how legacy tech giants (e.g., Nokia, Oracle, Dell) now enable real-time data handling and AI capabilities for modern militaries worldwide.

Memorable Analogy:

"Because the battlefield, odd as it may sound, is becoming in some ways like an office." —Dan Michaels (12:58)

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Notable Quotes by Segment

Ending Quarterly Earnings (Corey Driebush)

• “There's a big cost associated with quarterly earnings reports. Proponents...say it's a distraction from long-term planning.” (02:24)
• “By getting rid of the requirement to report quarterly earnings, maybe that will encourage some companies to go public...” (03:05)
• “One of the reasons investor advocates say the US markets are some of the best...is because investors have access to some of the best and most frequent information.” (03:39)

Stephen Miran & the Fed (Sam Goldfarb)

• “He had a somewhat uneventful, somewhat at times frustrating career on Wall Street...then started devoting his time to publishing his thoughts...” (08:46)
• "Quite controversially, he hasn't resigned from his position in the White House. He's only taking a leave of absence..." (09:42)
• "A lot of speculation that maybe he will be Trump's man on the inside and pushing for larger rate cuts..." (10:30)

Activist Investors (Colin Eaton)

• “This is the first time a non financial public company has pursued this type of program...Companies are getting bolder..." (05:56)

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7. Episode Tone & Flow

The episode reflects WSJ’s signature brisk, factual, and analytical delivery, with a focus on market and policy implications over political fireworks. Expert guests provide context and historical perspective, especially regarding Miran’s rare dual role and the potential for significant change at the Fed.

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8. Timestamps for Key Segments

• U.S.–China TikTok Deal: 00:31–01:51
• Quarterly Earnings Debate: 01:51–04:11
• Markets, Tesla, ExxonMobil: 04:11–05:56
• Tyson Foods ingredient shift: 06:55–07:44
• Stephen Miran & the Fed: 08:15–10:58
• Legal Challenge (Maureen Comey): 11:08–12:02
• Tech in Warfare (Dan Michaels): 12:02–13:06

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For further context and in-depth analysis, listeners can revisit the WSJ What's News PM feed or catch linked episodes in their respective subject-matter WSJ podcasts.

Transcript

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[Alex Osola]

The US and China reach a framework deal for TikTok plus Stephen Miron President Trump's pick for the Fed board is set to be confirmed by the Senate.

[Sam Goldfarb]

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.

[Alex Osola]

The inside and why Trump Wants to Get Rid Of Quarterly Earnings Reports ALEX It's Monday, September 15th. I'm Alex Osola 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. US 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 US 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, ByteDance, sell its controlling stake to U.S. investors as part of the deal. Treasury Secretary Scott Besant, 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've 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 it's gaining more traction now. WSJ Capital Markets reporter Corey Driebush 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?

[Corey Driebush]

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 US 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.

[Alex Osola]

Is there any other reason for supporting this change?

[Corey Driebush]

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.

[Alex Osola]

That kind of covers what this proposal would mean for companies. But what about investors?

[Corey Driebush]

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 US 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.

[Alex Osola]

That was WSJ reporter Cori Driebush. US 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 shares jumped nearly 4% in trading today after a regulatory filing showed that Elon Musk purchased more than two and a half million million shares in the company via a trust on Friday totaling around $1 billion. It 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, US 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.

[Colin Eaton]

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 en masse. Matters of esg environmental, social and governance in general.

[Alex Osola]

Tyson Foods said it would stop using high fructose corn syrup in 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 sucralose, the preservative bha, BHT 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.

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[Alex Osola]

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?

[Sam Goldfarb]

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 tried to start his own investment firm. When that didn' 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 Advisers. And so he served in that role for several months and now he's their pick to at least briefly serve on the Fed.

[Alex Osola]

Right. You said briefly. This Fed position that Myron is up for only runs through the end of the year. What could happen next?

[Sam Goldfarb]

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 a 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.

[Alex Osola]

If Myron has 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.

[Sam Goldfarb]

Is expected to cut rates by a quarter percentage point. Myron hasn't said what he'll do and he's said that he'll be independent. But there was 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 3 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.

[Alex Osola]

That was WSJ reporter Sam Goldfarb. Thanks, Sam.

[Sam Goldfarb]

Thank you.

[Alex Osola]

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?

[Dan Michaels]

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.

[Alex Osola]

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 Cosmides. I'm Alex Ozalev for the Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.