Author: The Wall Street Journal & Spotify Studios

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

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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.

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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

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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

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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?

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​​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?

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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?

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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.

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According to a WSJ analysis, the epicenter for Stand Your Ground killings is in the state where the laws were first enacted: Florida. From 2021 through 2024, the Jacksonville area had a larger share of its homicides classified as justifiable killings by civilians than any U.S. city or county with a population greater than 500,000. WSJ’s Hannah Critchfield reports on the law’s unintended consequences and one case labelled as a self-defense killing, where no killer came forward at all. Valerie Bauerlein hosts and reveals a major update on the Scott Spivey case.

Read the Reporting:

- The Self-Defense Cases That Made Jacksonville No. 1 in Legal Homicides

- 29 Shots in 24 Seconds: How a Killing Was Cast as Self-Defense

Follow the Story:

- Camp Swamp Road Playlist

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Federal officials say Chinese money launderers moved more than $300 billion in illicit transactions through U.S. banks and other financial institutions in recent years. WSJ’s Dylan Tokar explores the rise of these highly lucrative schemes and former federal prosecutor Julie Shemitz takes us inside the federal investigation to bring them down. Ryan Knutson hosts.

Further Listening:

- The Money Laundering Behind TD Bank's $3 Billion Fine

- Mexico's New Cocaine Kingpin is Cashing In

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