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.
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)
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)
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)
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.
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)
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)
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)
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.
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