Traders work on the floor of the New York Stock Exchange on Dec. 11, 2025, in New York City. Spencer Platt | Getty Images
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Here are five key things investors need to know to start the trading day:
1. Cold front
2. The Kevins
Kevin Hassett, director of the National Economic Council (L), and Kevin Warsh, former governor of the U.S. Federal Reserve. Reuters
Former Federal Reserve Governor Kevin Warsh has made his way to the top of Trump's list of candidates to lead the central bank. Trump told The Wall Street Journal on Friday that Warsh is a top contender for the role, joining National Economic Council Director Kevin Hassett as a front-runner to succeed Jerome Powell. "I think you have Kevin and Kevin. They're both — I think the two Kevins are great," the president told the paper, adding that "there are a couple of other people that are great." Trump also repeated his belief that the next Fed chair should consult the president on interest rate decisions, saying, "I'm a smart voice and should be listened to."
3. Shutdown travel
FILE PHOTO: The headquarters of the U.S. Food and Drug Administration (FDA) is seen in Silver Spring, Maryland November 4, 2009. Jason Reed | Reuters
A new CNBC investigation found that in the midst of this fall's record-setting government shutdown, dozens of U.S. Food and Drug Administration staffers traveled to a Singapore resort. Thirty-one staffers ranging from deputy directors to a program coordinator traveled to Singapore in mid-November to attend a conference of the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use, according to internal FDA documents obtained by CNBC. In total, the trip cost the agency more than a quarter of a million dollars, or nearly $8,000 per attendee. The travel was approved even as the FDA operated with reduced staffing and resource constraints amid the 43-day shutdown. The trip also comes as the agency faces a proposed 11.5% budget cut, broad layoffs and tumultuous leadership. In a statement to CNBC, the FDA said that sending employees to the conference was "mission critical." A spokesperson for the agency also noted that this year's delegation of staffers was smaller than that of the past two years.
4. Shape up or ship out
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