November 4, 2025 8:00am by
Barry Ritholtz

The transcript from this week’s, MiB: Jon Hilsenrath, Serpa Pinto Advisory on the Fed, is below.

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.

This is Masters in Business with Barry Ritholtz on Bloomberg Radio.

Barry Ritholtz: This week on the podcast, another extra special guest, John Hilson Wrath, was a reporter for the Wall Street Journal, covering everything from September 11th to the Federal Reserve for 26 years. His coverage at, at the Journal of the Fed got him nicknamed the Fed Whisperer for his many, many page one scoops. He’s now running Serpa Pinto Advisory, multiple pulitz surprise nomination, author of a book about Janet Yellen. Just a whirlwind of information about the economy, markets and the Fed. I thought the conversation was absolutely fascinating, and I think you will also, with no further ado, my conversation with the Wall Street Journals, Jon Hilsenrath.

Jon Hilsenrath: It is my extra special honor to be here.

Barry Ritholtz: Does it, does it feel like you’re in the enemy’s territory? Competitive?

Jon Hilsenrath: No, I’ve crossed over, I’ve crossed over.

Barry Ritholtz: You’re now on the private side, right?

Jon Hilsenrath: Yeah, yeah. I’m, yeah. Yeah. So I want to talk and I, I, I should say on the Wall Street Journal page one story is, I’m a former editor too. I had that many, I don’t have that many anymore. ’cause I’ve, I left the journal well, years ago…