Trump Shakes Up Expectations on Who Will Be the Next Fed Chair

Key takeaways

Trump's decisions regarding the new Fed Chair remain fluid and unpredictable.
The investigation into Powell's conduct complicates the appointment process for his successor.
OpenAI is shifting its business approach by integrating ads into ChatGPT while maintaining user trust.
Challenges exist in preparing a nutritious meal for $3, highlighting broader issues of food accessibility.

Summary

Trump's Changing Views on Fed Chair Candidates

President Trump hinted that he might retain Kevin Hassett as National Economic Council Director rather than appoint him as the next Fed Chair. Speaking at a healthcare event, Trump praised Hassett, indicating a potential change in direction in the search for Jerome Powell's replacement. This leads to speculation about former Fed Governor Kevin Warsh, who seems more favorable at the moment, though the unpredictable nature of Trump's decisions leaves candidates with hope.

Implications of Powell's Federal Probe

The ongoing criminal investigation of Fed Chair Jerome Powell has ramifications for his successor's selection, with Congress now more cautious about confirming the next appointee. Analysts suggest that backlash against the probe could steer the choice towards a candidate perceived as more independent, to mitigate concerns about Trump compromising the Fed's independence.

OpenAI's New Revenue Strategy

OpenAI plans to begin testing ads in ChatGPT, marking a significant shift in its business model. The organization reassures that ads will not influence ChatGPT’s outputs, especially regarding sensitive topics. This move aims to generate new revenue streams, demonstrating the evolving landscape of AI and advertising.

The $3 Dinner Challenge

Agriculture Secretary Brooke Rollins claims that it's possible to create a nutritious dinner for just $3, prompting WSJ reporters to test this assertion. Although the reporters managed to prepare a meal adhering to the guidelines, the practicality of such a low-cost meal was questioned due to factors like accessibility and flavor.

Show notes

P.M. Edition for Jan. 16. President Trump signaled today that he may keep National Economic Council Director Kevin Hassett in his current job. WSJ chief economics correspondent Nick Timiraos discusses where that leaves the contest for the next chair of the Federal Reserve. Plus, OpenAI will start testing ads in ChatGPT as it seeks new sources of revenue. And earlier this week Agriculture Secretary Brooke Rollins said that Americans can save money if they eat according to the government’s new dietary guidelines, including having dinner for $3. Journal reporter Jared Mitovich tried it out for himself. Alex Ossola hosts.

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