Luke Vargas

The White House and Warsh didn't immediately respond to requests for comment.

Jerome Powell's term as current Fed chair ends in May.

We are exclusively reporting that OpenAI is targeting Q4 for its blockbuster IPO.

Journal venture capital reporter Berber Jin says that marks an acceleration of the company's original listing plans as rival Anthropic also eyes a potential IPO by year's end.

Anthropic expects to break even for the first time in 2028, according to projections shared with investors last year, two years earlier than OpenAI.

News Corp., owner of The Wall Street Journal, has a content licensing partnership with OpenAI.

Apple posted record quarterly sales yesterday after the market closed, with iPhone revenue jumping 23 percent from a year earlier to more than $85 billion.

That beats Wall Street expectations, but as tech reporter Rolf Winkler told me, it didn't generate much of a pop for Apple shares in off-hours trading.

And Rolf, explain this to us.

It seems like the root of investor concern here seems to be around parts costs and a potential hit to margins as a result.

That was the journal's Rolf Winkler.

According to one supply chain analyst report, Apple may choose not to raise prices for next year's iPhone 18 lineup and instead take a hit to its gross profit margins.

And earnings season is rolling on today, with the latest reports from oil majors Chevron and ExxonMobil this morning, along with American Express and Verizon.

And we'll also get a reading on monthly supplier inflation with December's producer price index due at 8.30 a.m.

Eastern.

Coming up, the rest of the day's news, including a deal in Washington to avoid a potential government shutdown.

And we'll look at the Americans driving Costco tourism abroad.

Those stories and more after the break.

President Trump and Senate Democrats say they've reached a deal to avert a partial government shutdown and temporarily fund the Department of Homeland Security.

Our Washington coverage chief, Damian Paletta, says the deal would see the Senate quickly pass a handful of spending bills that have already cleared the House, but only a two-week stopgap funding extension for DHS.