Nick Timiraos

Nick Timiraos

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Chief economics correspondent, The Wall Street Journal • Author, "Trillion Dollar Triage”

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Trump picked a Fed chair he thinks he can count on. Three presidents thought the same thing. None got what they expected. The ghosts of Burns, Miller, and Martin loom over Trump’s choice of Kevin Warsh.

Tillis escalated his criticism of the DOJ's probe of the Powell Fed at a banking committee hearing on Tuesday, saying multiple senators who attended Powell's hearing last June have said they saw no crime. "The entire case against Powell is encapsulated in his answers to questions before this committee," Tillis said. "And now including the chair [Sen. Tim Scott], we have witnesses at the alleged scene of the crime having...all said that he was testifying, and we didn't see a crime." Tillis warned that if the Trump administration pursues such a "perjury trap," no one who testifies will want to answer questions candidly, instead deferring to lawyers. Hearings will turn into "that Chappelle skit on ‘I plead the fifth.’ ... Is that really the way we want oversight to go in the future?"

Excluding the nine months of the pandemic in 2020, job openings in December fell to their lowest level since June 2018, using a three-month moving average There were 0.87 openings for every worker counted as unemployed in December, the lowest since May 2017 (ex-pandemic)

NBC: Does your new Fed pick [Kevin Warsh] understand that you want him to lower interest rates? TRUMP: Oh, I think he does. But I think he wants to anyway. I mean, if he came in and said, "I wanna raise 'em" ... NBC: If he said that, he wouldn't have gotten the job? TRUMP: He would not have gotten the job, no.

Sen. Tim Scott, who chaired the hearing and sparked the line of questioning at the center of the DOJ's investigation of the Fed, said he didn't think Powell committed perjury at that hearing. "I do not believe that [Powell] committed a crime."

Fed governor Stephen Miran said he would relinquish his option to return to the CEA as its chairman one day after all 11 Democrats on the Senate Banking Committee asked him to resign his job as a Fed governor following the end of his term on Jan. 31. wsj.com/economy/central-bankin...… Miran is eligible to stay in that seat until his successor (presumably it will be Fed chair-designate Kevin Warsh) is confirmed. Democrats had been highly critical of Miran's decision not to resign the CEA job when he became a Fed governor in September. Instead of resigning the Fed job at the conclusion of its term, Miran said Tuesday he would resign from the CEA, allowing him to remain at the Fed until Warsh is confirmed.

Australia’s central bank becomes the first major DM central bank to raise rates after having previously lowered rates following the great tightening of 2022-23. twitter.com/NickTimiraos/statu...

UBS: The Adobe Digital Price Index, which covers prices of items sold online, rose in January by the most in its 12-year history.

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