Why is the Fed Chair Facing a Criminal Investigation?

For the past two weeks, Iran has been consumed by protests that have resulted in a heavy government crackdown with deaths estimated in the thousands. But the prelude to the unrest wasn’t just political. It stemmed from a deep financial crisis, and specifically, as WSJ’s Jared Malsin explains, the collapse of an obscure and indebted bank. Jessica Mendoza hosts. Further Listening: - Iran Retaliates After U.S. Strike. How Could This End? - Iran May Be Running Out of Options Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Donald Trump's sweeping plan for Venezuelan oil is coming into focus. It includes cutting off illicit oil exports, gaining more control over Venezuela's state-run oil company and rebuilding infrastructure. Some of these goals require the participation of U.S. oil companies, but those companies are reluctant to invest in the still-unstable country. WSJ's Andrew Restuccia explains Trump's gambit to bring down oil prices and reshape the global oil market. Ryan Knutson hosts. Further Listening: - Trump's 'Donroe Doctrine' on Foreign Policy - Was Maduro's Capture About Oil? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

After receiving grand jury subpoenas from the Justice Department last week, Federal Reserve Chair Jerome Powell said the investigation was part of a pressure campaign to get the Fed to lower interest rates. WSJ’s Nick Timiraos explains how the investigation could change who controls monetary policy in the future. Jessica Mendoza hosts. Further Listening: - Is the Economy Getting Better or Worse? The Fed Says It’s Hard to Tell - Who Will Be the Next Fed Chair? Maybe Kevin Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

An AI bubble. Geopolitical turmoil. Inflation and interest rates. These things and more could rock the stock market in 2026, and investors have to be prepared. WSJ’s Jason Zweig, writer of The Intelligent Investor column and newsletter, discusse s how investors can best set up their portfolios for the new year and breaks down his outlook for the year ahead. Ryan Knutson hosts. Further Listening: - It's Almost 2026. How’s the Economy? - Investment Accounts for Babies Are Coming. Wall Street Can’t Wait. Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

In August, a troubled man named Stein-Erik Soelberg killed his mother and took his own life. In the months leading up to the tragedy, Soelberg had been engaging in delusion-filled conversations with ChatGPT. Now, his mother’s estate has filed a wrongful death lawsuit against OpenAI, and Soelberg’s son Erik wants the tech giant to take responsibility for a product that he believes deepened his father’s decline. WSJ’s Julie Jargon tells Ryan Knutson about the challenges facing OpenAI when it comes to mental health.  Further Listening: - A Troubled Man and His Chatbot - OpenAI’s ‘Code Red’ Problem Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Netflix is in a high-stakes fight to buy storied movie studio Warner Bros. The company has a $72 billion deal in hand, but rival Paramount isn't going down without a fight. At the helm of the streaming giant is co-CEO Ted Sarandos, whose strategies have helped transform the entertainment industry. WSJ’s Joe Flint says that Hollywood’s creatives were once enamored with Netflix’s approaches but have grown more wary of what new changes could come with consolidation. WSJ’s Ryan Knutson hosts. Further Listening: - Netflix’s Fight for Warner Just Got Harder - Hollywood Jobs Are Disappearing Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Amid an intense trade dispute with the US, China has started looking to other markets to sell its low value items. In recent months, Chinese e-commerce companies like Shein and Temu have started homing in on Europe. But the pivot has been met with resistance by many in Europe. WSJ's Chelsey Dulaney reports on the evolving China-Europe trade dynamic. Ryan Knutson hosts. Further Listening: - China and the U.S. Are in a Race for AI Supremacy - Is Trump Winning His Trade War? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

​​Since World War II, U.S. geopolitical strategy prioritized global trade and building alliances, especially with democracies. Now, after his action in Venezuela, President Trump is ushering in a new era of American foreign policy that is focused primarily on territory and resources. WSJ’s chief economics commentator Greg Ip breaks down the moment, its historical context, and what’s next. Ryan Knutson hosts. Further Listening: - Was Maduro's Capture About Oil? - Greenland Has Tons of Minerals. So Where Are All the Miners? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

For months, the U.S. sold its pressure campaign against Venezuela as a way to curtail drug trafficking. Now, after a surprise military operation on Saturday that led to the capture of President Nicolàs Maduro, U.S. oil companies have a path to regaining access to one of the world’s largest oil reserves. But WSJ’s Collin Eaton explains why getting companies to flock back to Venezuela will be a massive challenge. Ryan Knutson hosts. Further Listening: - Make Money Not War: Trump’s Plan for Peace in Ukraine - Why Is the U.S. Giving Billions to Argentina? Sign up for WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

The stories that defined 2025, the themes to watch in 2026. Ryan Knutson and Jessica Mendoza hear from top editors across the paper. Plus, Ryan's bold proposal to switch Christmas and Valentine's Day.Thanks for listening to the show in 2025. We’ll see you in 2026! Listen to Ryan and Jess’s playlist of their Greatest Hits of 2025. Learn more about your ad choices. Visit megaphone.fm/adchoices