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3 DAYS AGO

Liz Truss on the 'Doom Loop' Engulfing the UK Economy

These days, everyone is talking about high interest rates across the rich, developed world, while warning of eventual fiscal disaster. But we may have gotten an early glimpse of this anxiety in October 2022, when then-UK Prime Minister Liz Truss unveiled her mini-budget that spooked the gilt market. Well today, rates at the long end of the British yield curve are even higher. So what's going on? Why all this angst now about UK fiscal sustainability and the economy itself? In this episode, we speak with Liz Truss about what she learned during her brief time as the PM. She talks about the political reality of fiscal consolidation, and how difficult it is on both the tax and spending side. And we also discuss what her economic vision was really all about, had she not been forced from the position so quickly. In addition, we talk about the general state of politics, the media, and free speech in the UK. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

3 days ago

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58 min
5 DAYS AGO

Lev Menand on Trump's Attempt to Fire the Fed's Lisa Cook

Criticism and threats to Federal Reserve independence have been building for some time in this administration. But it was taken to a new height on August 25, when Trump posted that he intended to fire Fed Governor Lisa Cook, a Biden appointee. According to our guest, Columbia Law Professor Lev Menand, this is a big deal that has created an immediate crisis. The Trump administration's argument is that it's firing Lisa Cook "for cause" due to allegations (and these are just allegations at this point) that she committed mortgage fraud. As Lev argues, these allegations alone can't justify the removal of someone in this position. We talk through the legal implications, the immediate path ahead, and what may ultimately be Trump's real aim when it comes to pressuring the Fed. Read more:Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight Powell Opens Door to Interest Rate Cut, Citing Labor Markets Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

5 days ago

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29 min
2 DAYS AGO

Emi Nakamura on Central Bank Credibility and the Taylor Rule

The post-Covid inflation will prove to be a treasure trove for academic economists, as they study what drives inflation, and the power that central banks have to contain it once it gets going. At this year's Jackson Hole Economic Symposium, UC Berkeley professor Emi Nakamura presented a new paper — co-authored with her Berkeley colleagues Jón Steinsson and Venance Riblier — titled Beyond the Taylor Rule. The paper sought to look at the wide range of choices that global central banks made in dealing with inflation to see what if anything could be learned about the Taylor Rule, a load-bearing idea in modern economics that describes what optimal monetary policy looks like when successfully balancing the Federal Reserve's objectives. Their paper discovers that in any bout of inflation, a central bank that has a greater history of fighting inflation also has the ability to deviate further from strict Taylor Rule guidelines, without achieving worse inflation outcomes. In an interview recorded in Jackson Hole, we speak with Professor Nakamura about her work and its implications for central bankers going forward. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

2 days ago

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36 min
5 DAYS AGO

Adam Posen on a Surreal Jackson Hole in a Post-American World

The annual Jackson Hole symposium is, formally speaking, an academic conference. Economists and central bankers gather to discuss the most important, cutting edge ideas in monetary policy. But there was certainly a different feel this year because of the relentless attacks on Fed Chairman Jerome Powell coming from President Trump. The whole premise of central bank independence is becoming a live question again. And without central bank independence, almost all of the more academic discussions feel like a waste of time. That makes for a surreal environment. On this episode of the podcast, we speak with Adam Posen, a former member of the BoE's Monetary Policy Committee, who now serves as President of the Peterson Institute for International Economics. He's the author of a recent Foreign Affairs article titled, "The New Economic Geography: Who Profits in a Post-American World." We talk about the shifting tectonic plates occurring domestically and internationally, what he sees as the folly of Trump's approach to trade and international relations, and how that intersects with the discourse among Central Bankers. Read more: What’s at Stake in the Fight Over Fed Independence Former ECB Chief Says ‘Illusion’ of EU as a Global Power Dashed Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

5 days ago

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58 min
1 DAY AGO

Instant Reaction: Trump’s Global Tariffs Found Illegal by US Appeals Court

Most of President Donald Trump’s global tariffs were ruled illegal by a federal appeals court that found he exceeded his authority in imposing them, but the judges let the levies stay in place while the case is subject to further review.The US Court of Appeals for the Federal Circuit on Friday upheld an earlier ruling by the Court of International Trade that Trump wrongfully invoked an emergency law to issue the tariffs. But the appellate judges sent the case back to the lower court to determine if it applied to everyone affected by tariffs or just the parties involved in the case.Friday’s 7-4 decision by the Federal Circuit could extend the suspense over whether Trump’s tariffs will ultimately stand. The case had been expected to next go to the Supreme Court for a final ruling. The administration could now turn to the justices, who have largely backed the president on other matters. But the White House could also let the Court of International Trade revisit the matter first.“ALL TARIFFS ARE STILL IN EFFECT!” Trump said in a post on Truth Social shortly after the decision was issued. For instant reaction and analysis, Bloomberg Balance of Power cohost Joe Mathieu speaks with Harvard Kennedy School's Ash Center Democracy Visiting Fellow Jeanne Sheehan Zaino and Stonecourt Capital Partner Rick Davis, both Bloomberg politics contributors. See omnystudio.com/listener for privacy information.

1 day ago

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10 min
3 DAYS AGO

US Futures, Nvidia Drop After Chipmaker's Tepid Outlook

US equity-index futures and shares of Nvidia retreated after the chipmaker's sales outlook missed lofty expectations, weighing on sentiment around the world's most valuable listed company. Nvidia said Wednesday that sales will be roughly $54 billion in the fiscal third quarter, which runs through October. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion. The outlook adds to concern that the pace of investment in AI systems is unsustainable. Difficulties in China also have clouded Nvidia's business. Though the Trump administration recently eased curbs on exports of some AI chips to that country, the reprieve hasn't yet translated into a rebound in revenue. We get reaction from David Waddell, CEO and Chief Investment Strategist at Waddell & Associates.Meantime, Bloomberg Opinion's Shuli Ren says a new China-buys-China narrative is taking shape as Beijing steps up its tech rivalry with the US. In her latest column, she writes that the world's second-largest economy not only wants to build generative AI models, but power them with its own hardware, redrawing a supply chain dominated by Nvidia. Shuli joins Bloomberg's Shery Ahn and Avril Hong on The Asia Trade. See omnystudio.com/listener for privacy information.

3 days ago

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14 min
23 AUG

Why Austan Goolsbee Is Still Concerned About Inflation

Chicago Fed President Austan Goolsbee is still more concerned about the inflation side of the Fed's mandate than he is about the employment side. This is noteworthy because in general markets are expecting rate cuts to come soon, and also Chairman Jerome Powell, speaking in Jackson Hole, put more weight on risks to the labor market. In this episode recorded at the conference, Goolsbee explains why he has some concerns about whether the inflation embers have been fully stamped out (he's particularly concerned by what he's seeing in the services realm), and why he has relatively more confidence that the labor market is in good shape. Read more:Powell Opens Door to Interest Rate Cut, Citing Labor MarketsWall Street Got the Rally Signals From Powell It Was Hoping For Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

23 Aug

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35 min
6 DAYS AGO

Tom Barkin on Why Central Banking Is on Hard Mode Now

According to Richmond Federal Reserve Bank President Tom Barkin, much of the time central banking is straightforward. Sometimes it's clear that rate cuts are needed. Sometimes it's clear that rate hikes are needed. Other times everything is going great, and central bankers don't have much to worry about. Right now though, things are not straightforward. There are signs of labor market softening. But also there are reasons to be concerned that inflation pressure is building yet again. In times like this, the playbook is less obvious. On this episode, recorded at the Jackson Hole Economic Symposium, Barkin walks us through how he's thinking about the economy right now. More: Fed’s Jackson Hole Points to a Hard Road Ahead for Powell Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

6 days ago

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29 min
5 DAYS AGO

Trump Has a Shipbuilding Dream. Can South Korea Make It a Reality?

South Korean shipyards are busier than they’ve been in years. Seoul and Washington are working to finalize a new trade deal that will include a $150 billion commitment to help stimulate the US shipbuilding industry. On today’s Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg’s Weilun Soon about whether the US-South Korea shipbuilding alliance could help President Trump achieve his US shipbuilding dreams, what South Korea stands to gain from the investment – and if it will be enough to disrupt China’s maritime dominance. Read more: South Korea’s $150 Billion Bet on Trump’s Shipbuilding Dream See omnystudio.com/listener for privacy information.

5 days ago

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17 min
5 DAYS AGO

Dollar Drops, Gold Rises as Trump Ousts Fed's Cook

The dollar dropped and gold gained after President Donald Trump removed Federal Reserve Governor Lisa Cook, raising concerns about the independence of the central bank. A gauge of the dollar retreated 0.3% as Cook will be removed from the position effective immediately, according to a letter Trump posted on his Truth Social account. The yen appreciated. Treasuries flipped after initially gaining on the news, sending yields on the benchmark 10-year higher by one basis point to 4.28%. Gold rose 0.5%. Asian stocks fell along with equity-index futures for US and Europe as Trump also threatened to place export curbs on chips. We get reaction from Peter McGuire, CEO at Trading.com Australia.Meantime, stocks were already under pressure after initial optimism about the Fed lowering interest rates vanished and US stocks retreated Monday. Stocks rallied on Friday after Federal Reserve Chair Jerome Powell opened the door for a possible interest-rate cut. The sense of euphoria eased as doubts over the pace of those reductions lingered on Wall Street as traders braced for a not-so-friendly price reading later this week. We examine the path ahead for monetary policy and the markets with Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth. See omnystudio.com/listener for privacy information.

5 days ago

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20 min

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

4.8 (25)

INVESTING
The economy and the markets are "under surveillance" as we cover the latest in finance, economics and investment. Listen to Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern for the top interviews from Bloomberg Surveillance Television. And join Tom Keene and Paul Sweeney for the best conversations from Bloomberg Surveillance Radio. Watch Surveillance TV LIVE each mornings: http://bit.ly/3P7nstQ. Watch Surveillance Radio LIVE weekday mornings: http://bit.ly/3vTiACF.

4.2 (5)

BUSINESS NEWS
Bloomberg Daybreak delivers today's top stories, with context, in just 15 minutes. Get informed from Bloomberg's 3,000 journalists and analysts.

5.0 (1)

BUSINESS NEWS
Bloomberg Radio host Barry Ritholtz has in-depth discussions with the people and ideas that shape markets, investing and business.

4.6 (31)

INVESTING
Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

5.0 (2)

INVESTING
Zero is about the tactics and technologies taking us to a world of zero emissions. Each week Bloomberg’s award-winning reporter Akshat Rathi talks to the people tackling climate change – a venture capitalist hunting for the best cleantech investment, scientists starting companies, politicians who have successfully created climate laws, and CEOs who have completely transformed their businesses. The road to zero emissions has many paths and everyone’s got an opinion about the best route. Listen in.

5.0 (2)

BUSINESS

Drawing on the journalistic strength of its global newsroom of journalists and analysts, Bloomberg’s lineup of podcasts is a mix of on the news reporting and narrative style programs.

Bloomberg

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Liz Truss on the 'Doom Loop' Engulfing the UK Economy

Lev Menand on Trump's Attempt to Fire the Fed's Lisa Cook

Emi Nakamura on Central Bank Credibility and the Taylor Rule

Adam Posen on a Surreal Jackson Hole in a Post-American World

Instant Reaction: Trump’s Global Tariffs Found Illegal by US Appeals Court

US Futures, Nvidia Drop After Chipmaker's Tepid Outlook

Why Austan Goolsbee Is Still Concerned About Inflation

Tom Barkin on Why Central Banking Is on Hard Mode Now

Trump Has a Shipbuilding Dream. Can South Korea Make It a Reality?

Dollar Drops, Gold Rises as Trump Ousts Fed's Cook

Unlock episodes early and listen ad-free.

Can Bob Brackett Be Stumped About Commodities?

Eating Steak With Nassim Taleb and Charlie McElligott

Part 1: The Witness

Surveillance: Stock Pickering with Emanuel

Silicon Valley Bank Crisis Reverberates Across Wall Street

Lots More With Sam Ro

Lots More With Matt Boesler

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