Wednesday, July 9, 2025

The 10-Point: The ‘Apprentice’-Style Contest for Fed Chair

Your guide to the WSJ's exclusive reporting and analysis.

The 10 Point.

✏️ Two Republicans named Kevin are vying to be the next chairman of the Federal Reserve. One is rising to the top of the list of potential candidates, while the other is facing skepticism from President Trump's allies. Elsewhere, we open the doors on Syria's Saydnaya prison, one of the worst examples of the industrial-scale torture and killing carried out by Bashar al-Assad's regime. The fact that the survivors are now able to speak openly shows how the collapse of the regime has transformed Syrian society.

Emma Tucker
Editor in Chief, The Wall Street Journal

TODAY'S HEADLINES

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LIVE FROM THE MARKETS

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LAST CHG %CHG
DJIA Futures 
44587.00 75.00 0.17
S&P 500 Futures 
6282.75 10.75 0.17
Nasdaq 100 Futures 
22936.50 39.75 0.17

Source: Factset, Market data as of 7/9/2025, 5:56:50 AM ET

📈 Follow our live financial and tariff coverage all day.

  • Alphabet's murky future is weighing down its shares, but a look under the hood shows surprising upside potential, writes Asa Fitch.
  • A Sequoia Capital tech investor ignited a Silicon Valley storm over his political commentary about New York City mayoral candidate Zohran Mamdani.

READ IT HERE FIRST

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Two Kevins are battling to be the next Fed chair.

Kevin Hassett, one of Trump's closest economic advisers, is emerging as a serious contender to be the next Fed chair. His rise threatens the other Kevin—former Fed governor Kevin Warsh—an early favorite for the job who has angled for the position ever since Trump passed him over for it eight years ago. Brian Schwartz and Nick Timiraos lay out how "The Apprentice"-style contest is shaping up.

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Prosecutors are questioning doctors about UnitedHealth's Medicare billing practices.

The Justice Department's criminal healthcare-fraud unit is investigating UnitedHealth Group's Medicare billing practices, including how the company deployed doctors and nurses to gather diagnoses that bolstered its payments, Christopher Weaver and Anna Wilde Mathews report. In recent weeks, former UnitedHealth employees were questioned about the company's efforts to encourage the documentation of certain lucrative diagnoses, including testing patients, implementing procedures to ensure that medical conditions were captured and sending nurses to patients' homes.

Go inside the U.S.-China relationship.

Sign up for the WSJ China newsletter to get exclusive insights on the contest between the U.S. and China, brought to you every week by the WSJ's top China correspondent.

EXPERT TAKE

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Q: Who's running DOGE?

Elon Musk has left his role at the Department of Government Efficiency, but a small band of his allies is fighting to preserve the legacy—and power—of the government-slashing office, Shalini Ramachandran, Scott Patterson and Katherine Long report.

A: Current and former officials close to DOGE say that in closed meetings, staffers have been quizzed on questions of their loyalty: Trump or Musk? The fight has pitted DOGE officials against some in the White House who are seeking to diminish DOGE's role, and has triggered infighting and paranoia within the group's diminished ranks, according to people familiar with the matter.

Musk's influence continues to be felt at DOGE largely through Steve Davis, who was his top lieutenant at the department before leaving the government in May, according to some of those people. Despite no longer being a government employee, Davis continues to give directions to DOGE officials regularly and has privately told some of them that his departure was "fake news," say people familiar with the conversations.

But DOGE no longer appears central to Trump's cost-cutting mission. The president has told aides he is over DOGE's aggressive and at-times reckless tactics, according to people familiar with his comments. The White House has given agency heads more control over DOGE staffers who have moved into federal agencies, some officials said. And administration officials have begun scrutinizing DOGE's work more closely, including contract cuts ordered by DOGE officials and, in some cases, stepping in to reverse them, according to a person with direct knowledge of the matter.

SEE THE STORY

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A Syrian death factory gives up its secrets.

A calendar made by prisoners on the wall of an isolation cell.

PHOTO: MANU BRABO FOR THE WALL STREET JOURNAL

The men who ended up in Syria's Saydnaya prison during Assad's regime included military deserters and defectors, rebel soldiers and peaceful activists. The former detainees we spoke to also included a nuclear scientist and an engineer who was arrested simply for being Facebook friends with another man who was critical of the regime. Their testimony exposes the full extent of the torture and systematic state killing inside the prison.

HAPPENING TODAY

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  • The Federal Reserve releases its June meeting minutes at 2 p.m. ET.
  • 📰 Today's paper

THE NUMBER

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0.02%

The approximate share of U.S. farmland that's held by Chinese-owned entities, nearly 300,000 acres, according to Agriculture Department data, an area about the size of Los Angeles. The Trump administration's new message for China: Keep off the farm. It's planning to work with state lawmakers to ban sales of U.S. farmland to buyers from China and other countries of concern, citing national-security interests.

AND FINALLY...

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Robots are coming for the spa.

Our travel columnist pitted a massage from an AI-powered robot against the real thing. With the robot, she picked her own tunes and controlled the pressure, without having to shower off any oils or lotions after. But there were some places only a real massage therapist could reach.

BEYOND THE NEWSROOM

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  • Opinion: Trump is grasping what some of his staffers don't: That arming Ukraine is realism rooted in America's interests.
  • Buy Side from WSJ: Save on Apple products and more Buy Side-recommended tech gear during Amazon's Prime Day sale.

About Us

The 10-Point is your guide to The Wall Street Journal's reporting and analysis you can't get anywhere else. Your subscription makes our journalism possible. 

Today's newsletter was curated and edited by Sarah Chacko and Bryony Watson in collaboration with Editor in Chief Emma Tucker. 

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