P.M. Edition for Dec. 3. President Trump is closing in on his pick to succeed Jerome Powell as the Federal Reserve chair. WSJ’s chief economics correspondent Nick Timiraos explains why longtime Trump adviser Kevin Hassett is winning the race. A Pentagon review found that Defense Secretary Pete Hegseth violated departmental regulations with Signalgate—but the findings suggest Hegseth didn’t break the law. And WSJ’s national security reporter Lara Seligman reports on why the Pentagon is deploying new drones copied from Iran’s Shahed drones to the Middle East. Sabrina Siddiqui hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.