Alex Osola

Officials have been unusually divided over whether a weaker jobs market or worsening inflation would be harder to fix if the Fed makes the wrong choice now.

Some outside the Fed think that a quarter-point rate cut doesn't go far enough, including President Trump.

Another of those people is Kevin Hassett, the director of the White House National Economic Council, who is widely believed to be Trump's pick to take over as Fed chair next year.

Here's Hassett speaking this morning at the WSJ CEO Council Summit.

Journalist Poppy Harlow asked him whether he'd substantially lower interest rates if he became the Fed chair.

Hassett says he would rely on his own judgment if he were the Fed chair and not bow to political pressure when deciding on policy.

But tomorrow, investors expect the Fed to signal caution about cutting rates further in 2026.

And in today's trading, major U.S.

indexes were mixed.

The Nasdaq and the S&P were almost unchanged, while the Dow fell 0.4%.

The worst performer in the Dow was JPMorgan Chase, whose share slid 4.7% after an executive predicted higher expenses next year.

It was the steepest decline in the bank's shares since April.

In commodities trading, silver prices closed above $60 a troy ounce for the first time.

Its gains have outpaced gold this year, making silver the hottest commodity of 2025.

OpenAI is the world's most valuable startup, and it's got a lot going on.

Besides its popular chat GPT chatbot, it's got the image generator DALI and the text-to-video product Sora.

It's also working towards artificial general intelligence, broadly defined as being able to outthink humans at almost all tasks.

But last week, CEO Sam Altman put out a memo declaring a code red effort to improve the quality of chat GPT and pushing for a pause on other projects.

I'm joined now by Sam Schechner, who covers tech for The Journal.

Sam, what triggered this decision for OpenAI and what changes is it making now?