WSJ What’s News (PM Edition)

Episode: Markets Rally After a Divided Fed Cuts Interest Rates
Date: December 10, 2025
Host: Alex Osola (with contributors: Aaron Kuriloff, Ben Dummett)

Episode Overview

This episode delivers a roundup of major market-moving news for December 10, focusing on the Federal Reserve’s latest interest rate decision, a developing Hollywood bidding war over Warner Brothers Discovery, key corporate and regulatory moves, and the daring escape of Venezuelan opposition figure Maria Corina Machado. The tone is brisk and informative, in keeping with WSJ’s signature straight-news style.

Key Topics and Highlights

1. The Federal Reserve’s Divided Rate Cut

[01:10–03:10]

• Main Point: The Fed cut interest rates for the third consecutive meeting—but internal divisions show, and further cuts are far from certain.

• Details:

  • Fed reduced rates by a quarter point, now in the 3.5% to 3.75% range.
  • Vote was unusually split: 9 in favor, 3 dissenters (first time in six years).
    • Two wanted no cut, one wanted a bigger cut.
  • Debate centers on priorities: the stalled progress on inflation vs. a slowing job market.
  • The Fed’s post-meeting language hints at a "higher bar" for more cuts in the near future.

• Notable Quotes:

  • Fed Chair Jerome Powell:
    “We are well positioned to wait to see how the economy evolves.” (01:56)
  • Aaron Kuriloff, WSJ Markets Bureau Chief:
    “This really matched what Wall Street thought was going to happen. They thought that there would be an interest rate cut. They thought that Powell would come out and suggest that we don't know when the next one is coming. You do not want to get ahead of yourselves.” (02:05)
  • Damian Poletta, WSJ Washington Coverage Chief (paraphrased by Aaron Kuriloff):
    “The White House… wants a lot of cuts now and Powell seems to be in no rush as he's on his way out to give the White House that.” (02:23)

• Political Reactions:

  • President Trump complained the Fed didn’t go far enough with its rate cut.

• Market Response:

  • Stocks closed higher (Dow +1.1%, S&P 500 +0.7%, Nasdaq +0.3%), with Treasury yields slipping as investors interpret focus on the labor market as leaving the door open (however slightly) for future cuts.

2. Hollywood Bidding War: Warner Brothers Discovery

[03:10–05:21]

• The Story:
  • Netflix agreed to buy Warner Brothers Discovery for $72B.
  • Paramount launched a hostile tender offer at $78B.
  • Investors are betting a bidding war is imminent, as Warner’s stock price tracks closely to these bid values.
• Commentary from Ben Dummett (WSJ Dealmaking Reporter):
  • “The offers of the bids are very close to where Warner Brothers stock price is trading. So that's a sign that investors are betting there's gonna be another bid, a higher bid from either Netflix and or Paramount.” (03:35)
  • Paramount CEO David Ellison seeking support from Warner investors, promoting his bid as an all-cash offer (which avoids regulatory scrutiny that may attend Netflix’s offer).
  • Paramount’s connections to President Trump via financial backers may influence the deal.
• Prediction Markets:
  • Polymarket and similar sites show the deal too close to call:
    “They're running neck and neck.” (05:00)
• Political Overtones:
  • President Trump states CNN (owned by Warner) should be sold, regardless of Warner’s new owner.
    • “I think CNN should be sold because I think the people that are running CNN right now are either corrupt or incompetent.” (05:40)
  • Netflix, which does not plan to acquire CNN, may be disadvantaged.

3. Media Industry Updates

[05:57–06:41]

• YouTube TV:
  • Announced plans for cheaper, “skinny” channel bundles (including a “sports plan” with ESPN, FS1, NBC Sports). Prices coming next year, set to be less than YouTube TV’s $83/month current base.
• CBS News Changes:
  • Tony Dokoupil leaves “CBS Mornings” to anchor “CBS Evening News” as part of a larger overhaul under new editor-in-chief Bari Weiss. Dokoupil “will help win back trust that Americans have lost in the media” and starts January 5.

4. “Debanking” and U.S. Banking Regulation

[07:59–08:41]

• Top banking regulator finds evidence JP Morgan Chase, Bank of America, and seven other major US banks have refused services to “politically sensitive” industries like oil/gas and firearms.
• Ongoing investigation:
  • President Trump’s claims that banks debanked him, his companies, and others after January 6th; the OCC may refer findings to the Attorney General.
• Banks' Response:
  • Deny closing accounts for religious or political reasons.

5. Maria Corina Machado’s Daring Exit from Venezuela

[08:41–10:12]

• Exclusive Report:
  • Venezuelan opposition leader and Nobel Peace Prize winner Maria Corina Machado escaped Venezuela by boat, reaching Curaçao en route to Norway to accept her prize.
  • Machado credits her escape to the “many people that risk their lives in order for me to arrive in Oslo.” (09:20)
  • Her journey is representative of both personal risk and the broader struggle for Venezuelan democracy.
  • Ultimately, she missed the ceremony; her daughter accepted the Nobel on her behalf.
  • Machado will reunite with her children but may be forced into permanent exile.
• U.S. Action in the Region:
  • President Trump announced the seizure of a large oil tanker off Venezuela’s coast, intended as a “warning to other tankers.”
    • “We've just seized a tanker on the coast of Venezuela. Large tanker, very large.” (10:05)

Notable Quotes

• Fed Chair Jerome Powell:
  “We are well positioned to wait to see how the economy evolves.” (01:56)
• Aaron Kuriloff:
  “This really matched what Wall Street thought was going to happen…” (02:05)
• Ben Dummett:
  “The offers of the bids are very close to where Warner Brothers stock price is trading. So that's a sign that investors are betting there's gonna be another bid…” (03:35)
  • On prediction markets: “They're running neck and neck.” (05:00)
• President Trump (on CNN):
  “I think CNN should be sold because I think the people that are running CNN right now are either corrupt or incompetent.” (05:40)
• Maria Corina Machado:
  “So many people that risk their lives in order for me to arrive in Oslo, and I am very grateful to them. And this is a measure of what this recognition means to the Venezuelan people.” (09:20)
• President Trump (on Venezuelan tanker):
  “We've just seized a tanker on the coast of Venezuela. Large tanker, very large.” (10:05)

Timeline of Major Segments

| Segment | Main Topic | Speakers | Timestamp | |---|---|---|---| | Federal Reserve rate cut, market reaction | Fed policy, dissents, White House response | Alex Osola, Aaron Kuriloff | 01:10–03:10 | | Bidding war for Warner Brothers | Deal dynamics, market bets, politics | Alex Osola, Ben Dummett | 03:10–05:21 | | Trump, CNN, regulatory pressures | Political attitudes toward media | Alex Osola, Ben Dummett | 05:22–05:57 | | YouTube TV changes, CBS News shakeup | Media industry shifts | Alex Osola, Aaron Kuriloff | 05:57–06:41 | | U.S. bank “debanking” investigation | Banking, regulation | Alex Osola | 07:59–08:41 | | Nobel laureate Machado’s escape from Venezuela | International affairs, human rights | Alex Osola, Ben Dummett | 08:41–10:12 | | U.S. tanker seizure | Sanctions, Venezuela | Alex Osola, Ben Dummett | 10:05–10:12 |

Summary

The episode tracks major financial headlines, drilling down into a divided Fed’s cautious approach to slowing inflation and employment, the probability of a major Hollywood merger, new competition for TV subscribers, changes in media leadership, and the intersection of politics, banking, and international human rights. The reporting is fast-paced, with direct news updates and expert insight, offering listeners a comprehensive overview of the day’s stories that matter most to markets and policy watchers.