{"id":237299,"date":"2026-01-12T12:52:26","date_gmt":"2026-01-12T17:52:26","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=237299"},"modified":"2026-01-12T13:15:23","modified_gmt":"2026-01-12T18:15:23","slug":"fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/prediction-market\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/","title":{"rendered":"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the central bank next. Since Kevin Warsh is a former governor of the monetary policy institution, his probability dropped from 44% to 38% over the weekend, as he\u2019s potentially seen as a fellow that may defend Fed independence and at times stand at conflict with the head of state. Participants may believe that the other Kevin, meanwhile, Hasset, who has never maintained a political appointment at the Fed and is more distant as Director of the National Economic Council, has a stronger chance of securing the spot in light of the perception that the commander in chief is looking to increasingly influence the organization\u2019s decisions and could choose someone with a higher likelihood of considering his suggestions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"480\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture1-7-1100x480.jpg\" alt=\"\" class=\"wp-image-237303 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture1-7-1100x480.jpg 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture1-7-700x305.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture1-7-300x131.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture1-7-768x335.jpg 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture1-7.jpg 1119w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/480;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"571\" height=\"638\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture2-5.jpg\" alt=\"\" class=\"wp-image-237304 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture2-5.jpg 571w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture2-5-300x335.jpg 300w\" data-sizes=\"(max-width: 571px) 100vw, 571px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 571px; aspect-ratio: 571\/638;\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-cpi-estimates-are-all-over-the-place\"><strong>CPI Estimates Are All Over the Place<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tomorrow\u2019s Consumer Price Index (CPI) report could come in significantly different than Wall Street\u2019s projections because of adverse impacts from the government shutdown which influenced how shelter was measured. The component is the heaviest weighting in the pivotal economic indicator at north of 40% and how it\u2019s handled in the upcoming print is a critical question that economists are carefully pondering. It\u2019s absolutely that development that has estimates sitting all over the place, with the 41 professional forecasters surveyed in the monthly Reuters poll at a minimum of 2.5% and a maximum of 2.9%. This is rare for a gauge that is usually well telegraphed by prognosticators and has a narrower historical width amongst analysts. Meanwhile, our prediction market is expecting numbers around 2.7% for both headline and core. The \u201cYeses\u201d at 2.7%, that profit off of a result of 2.8% or higher, are at $0.26 for the former and $0.43 for the latter.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"860\" height=\"69\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture3-3.jpg\" alt=\"\" class=\"wp-image-237305 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture3-3.jpg 860w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture3-3-700x56.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture3-3-300x24.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture3-3-768x62.jpg 768w\" data-sizes=\"(max-width: 860px) 100vw, 860px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 860px; aspect-ratio: 860\/69;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1079\" height=\"85\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture4-1.jpg\" alt=\"\" class=\"wp-image-237306 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture4-1.jpg 1079w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture4-1-700x55.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture4-1-300x24.jpg 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture4-1-768x61.jpg 768w\" data-sizes=\"(max-width: 1079px) 100vw, 1079px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1079px; aspect-ratio: 1079\/85;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"377\" height=\"484\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture5-2.jpg\" alt=\"\" class=\"wp-image-237308 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture5-2.jpg 377w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture5-2-300x385.jpg 300w\" data-sizes=\"(max-width: 377px) 100vw, 377px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 377px; aspect-ratio: 377\/484;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"375\" height=\"486\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture6.jpg\" alt=\"\" class=\"wp-image-237309 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture6.jpg 375w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/01\/Picture6-300x389.jpg 300w\" data-sizes=\"(max-width: 375px) 100vw, 375px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 375px; aspect-ratio: 375\/486;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source for images: ForecastEx<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Note: Prices are highest bids as of the morning of Jan. 12, 2026.<\/em>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>To learn more about ForecastEx, view our Traders\u2019 Academy video&nbsp;<\/em><a href=\"https:\/\/www.youtube.com\/watch?v=ceR-weGZSXc\" target=\"_blank\" rel=\"noreferrer noopener\"><em><strong>here<\/strong><\/em><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the central bank next.<\/p>\n","protected":false},"author":903,"featured_media":181906,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18929,18,6,8,9,26,3],"tags":[446],"contributors-categories":[13760],"class_list":["post-237299","post","type-post","status-publish","format-standard","has-post-thumbnail","category-prediction-market","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-federal-reserve","contributors-categories-ibkr-macroeconomics"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026<\/title>\n<meta name=\"description\" content=\"News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/237299\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026 | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the central bank next.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-12T17:52:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-12T18:15:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/fed_podium_featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jose Torres\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jose Torres\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Jose Torres\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/92c2be3b6162d92fb996417221509b6e\"\n\t            },\n\t            \"headline\": \"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026\",\n\t            \"datePublished\": \"2026-01-12T17:52:26+00:00\",\n\t            \"dateModified\": \"2026-01-12T18:15:23+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/\"\n\t            },\n\t            \"wordCount\": 341,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/fed_podium_featured-img.jpg\",\n\t            \"keywords\": [\n\t                \"Federal Reserve\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Prediction Markets\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/\",\n\t            \"name\": \"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026 | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/fed_podium_featured-img.jpg\",\n\t            \"datePublished\": \"2026-01-12T17:52:26+00:00\",\n\t            \"dateModified\": \"2026-01-12T18:15:23+00:00\",\n\t            \"description\": \"News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the central bank next.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/fed_podium_featured-img.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/02\\\/fed_podium_featured-img.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"Pivot, Pause, *Poof*\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/92c2be3b6162d92fb996417221509b6e\",\n\t            \"name\": \"Jose Torres\",\n\t            \"description\": \"Jos\u00e9 Torres is Senior Economist at Interactive Brokers. In this capacity, he is responsible for economic analysis, economic commentary and educational content focused on the economy. Prior to joining Interactive Brokers, Jos\u00e9 spent 6 years working as an economist in the United States government within the Federal Deposit Insurance Corporation (FDIC) and the Bureau of Labor Statistics (BLS). During his time with the U.S. government, Jos\u00e9 frequently led presentations covering economic conditions and forecasts for elected officials, political appointees and senior management. He also built economic models, consulted with private sector executives, contributed to the modernization of economic processes and gained recognition for predicting the inflationary episode of the 2020s. Jos\u00e9 has also been a professor of economics at the City University of New York and holds a master\u2019s degree in financial economics from West Texas A&amp;M University. His skillset includes the ability to communicate and analyze complex economic topics in English and in Spanish and throughout his career, he has been interviewed by media outlets including Bloomberg, CNBC, CNN, WSJ, AP, Yahoo Finance, Cheddar, Business Insider, Seeking Alpha, PBS, FOX, Economic Times, Univision, Telemundo and others.\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/jose-torres\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026","description":"News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/237299\/","og_locale":"en_US","og_type":"article","og_title":"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026 | IBKR Campus US","og_description":"News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the central bank next.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/","og_site_name":"IBKR Campus US","article_published_time":"2026-01-12T17:52:26+00:00","article_modified_time":"2026-01-12T18:15:23+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/fed_podium_featured-img.jpg","type":"image\/jpeg"}],"author":"Jose Torres","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jose Torres","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/"},"author":{"name":"Jose Torres","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/92c2be3b6162d92fb996417221509b6e"},"headline":"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026","datePublished":"2026-01-12T17:52:26+00:00","dateModified":"2026-01-12T18:15:23+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/"},"wordCount":341,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/fed_podium_featured-img.jpg","keywords":["Federal Reserve"],"articleSection":["IBKR Prediction Markets","Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/","name":"Fed Independence Factor Weighs on Warsh\u2019s Odds, CPI Expectations for Tomorrow: Jan. 12, 2026 | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/fed_podium_featured-img.jpg","datePublished":"2026-01-12T17:52:26+00:00","dateModified":"2026-01-12T18:15:23+00:00","description":"News that the DOJ is investigating Fed Chair Jerome Powell shifted the odds in our prediction market as to who President Trump will nominate to lead the central bank next.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/fed-independence-factor-weighs-on-warshs-odds-cpi-expectations-for-tomorrow\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/fed_podium_featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/fed_podium_featured-img.jpg","width":1000,"height":563,"caption":"Pivot, Pause, *Poof*"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/92c2be3b6162d92fb996417221509b6e","name":"Jose Torres","description":"Jos\u00e9 Torres is Senior Economist at Interactive Brokers. In this capacity, he is responsible for economic analysis, economic commentary and educational content focused on the economy. Prior to joining Interactive Brokers, Jos\u00e9 spent 6 years working as an economist in the United States government within the Federal Deposit Insurance Corporation (FDIC) and the Bureau of Labor Statistics (BLS). During his time with the U.S. government, Jos\u00e9 frequently led presentations covering economic conditions and forecasts for elected officials, political appointees and senior management. He also built economic models, consulted with private sector executives, contributed to the modernization of economic processes and gained recognition for predicting the inflationary episode of the 2020s. Jos\u00e9 has also been a professor of economics at the City University of New York and holds a master\u2019s degree in financial economics from West Texas A&amp;M University. His skillset includes the ability to communicate and analyze complex economic topics in English and in Spanish and throughout his career, he has been interviewed by media outlets including Bloomberg, CNBC, CNN, WSJ, AP, Yahoo Finance, Cheddar, Business Insider, Seeking Alpha, PBS, FOX, Economic Times, Univision, Telemundo and others.","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/jose-torres\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/02\/fed_podium_featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/237299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/903"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=237299"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/237299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/181906"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=237299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=237299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=237299"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=237299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}