The Big Take

As the “AI scare trade” jolts companies large and small, Apple shares keep doing their own thing. The company has “decoupled” to the greatest degree in 20 years from forces moving the rest of the Nasdaq 100. Why — and how? On today’s Big Take podcast, host Sarah Holder talks to Bloomberg’s equities reporter Ryan Vlastelica and Chief Apple Correspondent Mark Gurman about how the company became a hedge against fears of AI disruption — and why that may not be a good thing. Hosted by Sarah Holder; Produced by David Fox; Reported by Ryan Vlastelica and Mark Gurman; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

President Trump heads into Tuesday evening’s State of the Union address with sagging poll numbers just days after his signature tariff strategy was struck down by the Supreme Court. As a speaker with a history of diverging from script, Trump is expected to defend everything from his record on affordability to his approach to Iran in order to rally his base ahead of midterm elections. On today’s Big Take Podcast, White House reporter Josh Wingrove joins host David Gura to discuss what this year-one milestone means for Trump amid tensions in the US and around the world. Read more: Trump to Make Economic Sales Pitch to Congress as Headwinds Grow Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Josh Wingrove; Edited by Naomi Shavin. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

From Brussels to Beijing, the United States’ largest trading partners are digesting the Supreme Court’s decision to overturn President Trump’s signature tariffs — along with his threats to impose new, potentially stickier levies by other means. On today’s Big Take podcast, Big Take Asia host K. Oanh Ha sits down with Bloomberg China economy and government editor Jenni Marsh and Bloomberg’s top trade editor Brendan Murray to discuss the global reaction to Trump’s tariff setback: how countries like China are pushing for more favorable terms, the additional levers Trump is using to build a “tariff wall” around the US and what this could mean for the future of global trade. Hosted by K. Oanh Ha and Sarah Holder; Produced by Naomi Ng and Julia Press; Reported by Jenni Marsh and Brendan Murray; Edited by Paddy Hirsch; Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Katie McMurran Senior Producer: Naomi Shavin Deputy Executive Producer: Julia Weaver Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The US Supreme Court on Friday handed President Donald Trump one of the biggest losses of his second term, striking down his signature tariff plan. On today’s Big Take podcast, Sarah Holder talks to one of the people at the heart of the drama: Rick Woldenberg, the CEO of Learning Resources, a toy company that was a lead plaintiff in the case. And she unpacks the decision and its implications with Supreme Court reporter Greg Stohr and global trade editor Brendan Murray. The Big Take Asia followed Learning Resources throughout 2025 as it formulated its legal response to the new US tariffs and grappled with the challenges of shifting its supply chain from China to some lower-tariff neighbors. To hear more, listen to these Big Take Asia episodes: Tariffed: The Toymaker That Took on Trump Part One Tariffed: The Toymaker That Took on Trump Part Two Tariffed: The Toymaker That Took on Trump Part Three The American Toymaker Suing Trump Over Destructive Tariffs Hosted by Sarah Holder; Produced by Julia Press and David Fox; Reported by Greg Stohr and Brendan Murray; Edited by Tracey Samuelson. Fact-checking by Rachael Lewis-Krisky; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

In Episode 3 of The Sixth Bureau, a series from The Big Take, we follow a spy from China’s Ministry of State Security to the Paris Air Show, and then watch him develop a valuable source, despite his bosses constantly getting in his way. The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness — and a cunning FBI sting — led to a stunning reversal: Xu Yanj un became the first Chinese intelligence officer ever convicted on American soil. The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episode 1 and 2 here. See omnystudio.com/listener for privacy information.

The Department of Education has been a target of critics for decades. Republicans in the Oval Office have repeatedly tried to shrink the agency, and in his second term, President Trump has vowed to eliminate it altogether. On today’s Big Take podcast, Bloomberg education reporter Liam Knox and host David Gura talk through what it takes to gut a congressionally approved federal agency: what’s behind the Trump administration’s ‘creative’ efforts to scale back or move some of the Education Department’s trademark programs and what the shift could mean for students, lawmakers and other federal agencies in the administration’s crosshairs. Read more: How to Shred a Federal Agency Hosted by David Gura; Produced by Julia Press; Reported by Liam Knox; Edited by Tracey Samuelson. Fact-checking by Editorial team; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

For the first time in history, Saudi Arabia is allowing international buyers to purchase property in Mecca. This regulatory shift has ignited a building boom, raising concerns over affordability and overdevelopment. On today’s Big Take podcast, Bloomberg’s Zainab Fattah joins Sarah Holder to discuss what this property gold rush means for the city’s future and Saudi Arabia’s move away from oil. Read more: Saudi Arabia's MBS Opens Mecca Property Market in Investment Push Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Zainab Fattah; Edited by Tracey Samuelson. Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Inflation in the US has cooled from pandemic peaks, but there’s a grocery product telling a different story: beef. The price of uncooked ground beef soared by the most since June 2020 in government data released Friday. The broad beef and veal category is up 15% over the past year as of January. On today’s Big Take podcast, Bloomberg reporter Enda Curran takes a peek into the American consumer’s grocery basket with host David Gura to understand the perfect storm of factors that’s setting beef apart. And a fifth-generation Oklahoma rancher reflects on the impact that a fragile market has had on her family business. Read more: America’s Vanishing Cattle Herd Drives 15% Price Hikes for Beef US Cattle Herd Stays at 75-Year Low, Keeping Beef Prices High A Deadly Parasite’s Return Threatens US Ranchers Too Young to Remember It Hosted by David Gura; Produced by Rachael Lewis-Krisky and David Fox; Reported by Enda Curran, Ilena Peng; Edited by Aaron Edwards; Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Alex Sugiura; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

In Episode 2 of The Sixth Bureau, a limited-run series from The Big Take, we learn how China’s Ministry of State Security recruits experts in the West — and why intelligence officers shouldn’t keep their secrets backed up to the cloud.See omnystudio.com/listener for privacy information.

It’s an open secret that the Chinese government has engaged in a global campaign to acquire intellectual property from foreign rivals. At the center of that campaign is the Ministry of State Security, China’s elusive intelligence agency. The US has apprehended hundreds of people accused of giving information to the MSS, but the agency’s inner workings have been a mystery — until now. Today, we’re bringing you Episode 1 of The Sixth Bureau, a limited-run series from The Big Take. The series follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness — and a cunning FBI sting — led to a stunning reversal: Xu Yanjun became the first Chinese intelligence officer ever convicted on American soil. The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. The limited-run series will publish on Fridays in The Big Take. See omnystudio.com/listener for privacy information.

In July, American parents will be eligible to open Trump Accounts on behalf of their children. The administration touts these investment accounts as a way to help the next generation achieve the American dream. But are they the best way to save for college, home-ownership or retirement? And who stands to benefit most? On today’s Big Take podcast, Bloomberg’s Ben Steverman walks host Sarah Holder through the advantages — and criticisms — of this new program. Plus, economist Darrick Hamilton, whose federal “baby bonds” proposal inspired the Trump Accounts, weighs in on the immediate and long-term impacts the accounts could have on families and on the US economy. Read more: ‘Trump Accounts’ for Kids Get Another Billionaire Boost. What to Know. Hosted by Sarah Holder; Produced by Julia Press; Reported by Ben Steverman; Edited by Tracey Samuelson. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The latest jobs report from the US Bureau of Labor Statistics is a mixed bag. January’s numbers came in much stronger than expected — but revisions on 2025 data showed a weaker year than previously realized. The report comes on the heels of a number of high-profile job cut announcements, including at Amazon, the Washington Post and Nike. On today’s Big Take podcast, host Sarah Holder and Bloomberg US economy editor Molly Smith sift through the numbers and discuss the state of the labor market. Hosted by Sarah Holder; Produced by David Fox and Julia Press; Reported by Molly Smith Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Denate, Rachael Lewis-Krisky; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Japanese Prime Minister Sanae Takaichi secured a historic election win, positioning her as the nation’s strongest leader in the postwar era. On today's Big Take Asia Podcast, host Oanh Ha sits down with Bloomberg’s Sakura Murakami to discuss the reaction to Takaichi’s election gamble, her vision for a more assertive Japan and the uphill battle she faces to deliver her ambitious agenda. Read more: Takaichi Triumphs With Japan's Biggest Post-War Election Victory Further listening: All Eyes on Japan and China Tensions After Taiwan Hosted by K. Oanh Ha; Produced by Naomi Ng, Eleanor Harrison-Dengate and Yang Yang; Reported by Sakura Murakami; Edited by Paddy Hirsch;Fact-checking by Eleanor Harrison-Dengate; Engineering by Taka Yasuzawa and Alex Sugiura.Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The prospect of US military action in Iran and the possibility of regional war continue to loom over indirect talks between the two countries. Israeli Prime Minister Benjamin Netanyahu will meet with President Donald Trump in Washington on Wednesday to discuss the situation. On today’s Big Take Podcast, Iran reporter Golnar Motevalli joins host David Gura to lay out what the US and Iran each hope to achieve and what’s at stake if these negotiations fall apart. Read more: Iran Hardens Crackdown on Political Dissidents After US Talks Hosted by David Gura; Produced by Rachael Lewis-Krisky and Eleanor Harrison-Dengate; Reported by Golnar Motevalli; Edited by Tracey Samuelson. Fact-checking by David Fox; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

What is the best way to tell a climate story? This week on Zero, Akshat Rathi speaks with Booker Prize-winning novelist George Saunders. His new novel Vigil is an exploration of guilt, told on the deathbed of an oil executive haunted by ghosts. Rathi asks Saunders what he learned about climate change, his thoughts on whether AI complements or compromises human creativity, and why literature still matters in the era of TikTok. Listen now, and subscribe on Apple, Spotify or YouTube to get new episodes of Zero every Thursday.See omnystudio.com/listener for privacy information.

When the Seattle Seahawks take on the New England Patriots on Sunday, more than $2.6 billion in wagers will be on the line. A growing share — $800 million — will come through prediction markets like Kalshi and Polymarket that are transforming how sports betting works in the US. On today’s Big Take podcast, professional sports gambler Rufus Peabody discusses why he has shifted more of his betting to prediction markets. And markets reporter Justina Lee and sports business reporter Ira Boudway sit down with host David Gura to discuss why these markets are drawing pros like Peabody — and the concerns the platforms raise for regulators and traditional sportsbooks. Read more: Gambling Pros Adjust to a Super Bowl on the Prediction Markets Hosted by David Gura; Produced by Julia Press; Reported by Justina Lee and Ira Boudway; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Shares of Novo Nordisk were down Thursday morning after Hims & Hers introduced a compounded version of its Wegovy pill. The dip came two days after Novo predicted its sales could drop as much as 13% this year as the company factors in competition from generic drugs that could crop up as its patents expire around the world. On today’s Big Take podcast, Bloomberg reporters Naomi Kresge and Amber Tong talk to host David Gura about the year ahead for weight-loss drugs, from compounded products cutting into leading companies’ market share to generics that could upend the market globally. Read more: Generic Ozempic Makers Are Coming to Upend the Obesity Market Further listening: Welcome To Ozempictown, USA (No, It’s Not Hollywood) Cheap Ozempic Copycats Are Everywhere. Are They Safe? Hosted by David Gura; Produced by David Fox and Rachael Lewis-Krisky; Reported by Amber Tong and Naomi Kresge; Edited by Aaron Edwards. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

AI anxiety is coursing through the stock market right now. From Tuesday’s global selloff in software and technology stocks to last week’s $381 billion Microsoft rout, investors are skittish over any sign of an AI bubble. On today’s Big Take podcast, Bloomberg Big Tech editor Sarah Frier joins host Sarah Holder to discuss the coming AI reckoning and why pressure is building on tech companies to prove all their AI investments will pay off big — and soon. Hosted by Sarah Holder; Produced by David Fox; Reported by Sarah Frier; Edited by Tracey Samuelson. Fact-checking by Rachael Lewis-Krisky and Eleanor Harrison-Dengate; Engineering by Katie McMurran and Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Four years after Thailand became the first country in Asia to decriminalize cannabis, its booming market is at a crossroads. Initial high hopes for a tourism surge and a billion-dollar industry have been replaced by an oversupply of shops and a fierce public backlash. On today’s Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg’s Patpicha Tanakasempipat about what went wrong and whether the industry can weather a political firestorm. Read more: Weed Backlash Grows in Thailand as Kids Turn to CannabisHosted by K. Oanh Ha; Produced by Yang Yang, Naomi Ng; Reported by Patpicha Tanakasempipat; Edited by Paddy Hirsch, Julia Weaver Fact-checking by Eleanor Harrison-Dengate; Engineering by Taka Yasuzawa Senior Producer Naomi Shavin; Deputy Executive Producer Julia Weaver; Executive Producer Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

The Department of Justice released another batch of documents from the so-called Epstein Files on Friday. It brings the total number of pages the DOJ has made public since December to nearly 3.5 million. On today’s Big Take, host David Gura is joined by Bloomberg investigative reporter and podcast host Jason Leopold to discuss what was and wasn’t in the latest document release — and what we’ve learned about Epstein and his business connections. Further listening: Jason’s Disclosure podcast What to Expect in the DOJ Epstein Files Release Hosted by David Gura; Produced by Julia Press; Reported by Jason Leopold; Edited by Jeff Grocott. Fact-checking by David Fox and Rachael Lewis-Krisky; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

In the AI industry, there's always a hot new thing. First it was ChatGPT. Then it was the image generators. There was the DeepSeek moment. In the latter half of last year, everyone was excited about how good Google's Gemini was. In January 2026, the new hot thing everyone is talking about is Claude Code. But of course, the AI models have been able to generate lines of code for a long time now. So what is it about Claude Code that has people so excited? Why is it that people are asking: "Is this AGI?" On this episode of Bloomberg's Odd Lots, hosts Joe Weisenthal and Tracy Alloway speak with Noah Brier, the co-founder of Alpehic, a consultancy firm that helps large organizations implement AI technology. Noah has been using the Large Language Models for longer than just about anyone, since even before ChatGPT existed. He explains the evolution of AI-assisted coding, what Claude Code actually is, and why it is that traditional software firms have been getting destroyed in the stock market lately. Read more:Meta Begins Job Cuts as It Shifts From Metaverse to AI DevicesAI Coding Startup Replit Nears Funding at $9 Billion Valuation 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 Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

After months of speculation and a publicized selection process befitting The Apprentice, President Trump has announced his pick to lead the Federal Reserve: former Fed Governor Kevin Warsh. Historically a monetary policy hawk, the now dovish Warsh is expected to align more closely with President Trump’s views on inflation and rate decisions. On today’s Big Take podcast, host Sarah Holder sits down with Bloomberg Fed reporters Amara Omeokwe and Saleha Mohsin to discuss Warsh’s nomination, the early reactions we’ve seen from Wall Street and Washington, and what his past record and recent evolution signal about how he may handle interest rates and an ongoing battle over Fed independence. Hosted by Sarah Holder; Produced by David Fox; Reported by Amara Omeokwe, Saleha Mohsin; Edited by Naomi Shavin. Fact-checking by Eleanor Harrison-Dengate, Julia Press; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The US Senate failed to advance a government spending package on Thursday, setting up for a partial government shutdown. At the center of the debate is funding for the Department of Homeland Security. In the wake of federal agents killing two US citizens in Minnesota, the spending package has become the latest flashpoint in the fight over ICE’s deployment in American cities. On today’s Big Take podcast, host Sarah Holder and Bloomberg reporters Steven Dennis and Alicia Diaz track the fight playing out in Washington as tensions continue to flare in Minnesota. Read more: Trump, Democrats Make Some Progress in Talks to Avert Shutdown Trump, Democrats Hurtle Toward Shutdown After Minnesota Killing Republicans Divided After Latest Shooting by Federal Agents Key Democrat Visits Minneapolis, Applauds ‘Courageous Movement’ Further listening: Minnesota v. ICE Inside ICE’s Plan to Build Detention ‘Mega Centers’ Hosted by Sarah Holder; Produced by Julia Press; Reported by Steven Dennis and Alicia Diaz; Edited by Aaron Edwards; Fact-checking by Rachael Lewis-Krisky and Eleanor Harrison-Dengate; Engineering by Alex Sugiura; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Not long ago, markets would have lurched if a president threatened to impose tariffs, attack a foreign nation or compromise Federal Reserve independence. Since Donald Trump’s return to office, though, traders have been buying on these threats and cashing in when they don’t come to pass.On today’s episode of the Big Take, Bloomberg Opinion’s John Authers and columnist Robert Armstrong of the Financial Times – who coined ‘Trump Always Chickens Out’ – join host David Gura to discuss the latest TACO trading statistics and what happens when financial markets have muted reactions to White House headlines. Hosted by David Gura; Produced by David Fox; Reported by John Authers and Robert Armstrong; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate and Rachael Lewis-Krisky; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

From sinking Treasuries to global selloffs, the turmoil in Japan’s bond market is being felt far beyond its borders. On today’s Big Take Asia Podcast, host K. Oanh Ha sits down with Bloomberg’s Ruth Carson to unpack what’s rattled international investors and why markets are still on tenterhooks. Read more: Japan Bond Crash Unleashes a $7 Trillion Risk for Global Markets Further listening: The Dollar’s Dominance Is Unwinding in Asia Carry Trades, Explained Hosted by K. Oanh Ha; Produced by: Naomi Ng, Yang Yang; Reported by Ruth Carson; Edited by Paddy Hirsch, Julia Weaver; Fact-checking by Eleanor Harrison-Dengate; Engineering by Taka Yasuzawa; Senior Producer Naomi Shavin; Deputy Executive Producer Julia Weaver; Executive Producer Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

From his ambitions to acquire Greenland to his retracted (for now) threats of tariffs on European countries that oppose him, President Donald Trump continues to alienate the EU’s member states. But they’re aligned on one thing: The continent needs to be ready to stand on its own, and fast. On today’s Big Take podcast, host David Gura and Bloomberg Brussels bureau chief Suzanne Lynch recap the outcomes of an emergency summit of EU leaders last Thursday, the toolkit at their disposal to push back and the routes ahead for Europe in a shifting world order. Read more: Shellshocked EU Rethinks US Relationship After Trump Threat Further listening: Trump Takes Europe to the Brink on Greenland Hosted by David Gura; Produced by David Fox; Reported by Suzanne Lynch; Edited by Aaron Edwards. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Japan is home to the world’s oldest population and a growing share of the country’s financial assets – about $2 trillion – are controlled by seniors who are showing signs of cognitive decline. On today’s Big Take Asia podcast, host K. Oanh Ha talks with Bloomberg’s Alice French about the staggering “dementia money” at risk, the toll of frozen accounts and the haphazard solutions that serve as a stark warning to the rest of the world. Read more: Japan's 'Dementia Money' Problem Puts Trillions at Risk - Bloomberg Further listening: The Rise of Japan’s ‘Iron Lady’ and Its Political Shift to the Right Hosted by Produced by Naomi Ng, Eleanor Harrison-Dengate; Reported by Alice French, Kentaro Tsutsumi; Edited by Patrich Hirsch, Emma O’Brien; Fact-checking by Yang Yang, Eleanor Harrison-Dengate; Engineering by Taka Yasuzawa Senior Producer: Naomi Shavin Deputy Executive Producer: Julia Weaver Executive Producer: Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

President Trump has revived a campaign pledge to cap credit card interest rates at 10%. It’s an effort to address affordability concerns among American consumers and help borrowers. But the banking industry is not thrilled about the idea – and says the proposal could block some people from accessing credit at all. On today’s Big Take podcast, Bloomberg finance reporter Claire Ballentine joins host Sarah Holder to break down the arguments and talk through what it would take to make the proposal a reality. Read more: Trump’s Call for 10% Credit-Card Cap Aims at Banks’ Crown Jewels Further listening: How World Leaders – and Markets – Are Reacting to Trump’s Davos Speech Hosted by Sarah Holder; Produced by Julia Press and Rachael Lewis-Krisky; Reported by Claire Ballentine; Edited by Tracey Samuelson; Fact-checking by David Fox and Rachael Lewis-Krisky; Engineering by Katie McMurran; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Across the ideological spectrum, Supreme Court justices appeared wary of President Trump’s attempts to fire Federal Reserve Board Governor Lisa Cook in a hearing on Wednesday. Their ruling, which is set to come by July, could set a crucial precedent for the executive branch’s influence over the central bank. On today’s Big Take podcast, Bloomberg reporters Amara Omeokwe and Greg Stohr break down arguments from both sides of the case, analyze key reactions from justices on the bench and make sense of how the outcome could impact the economy and public confidence in the Fed. Read more: Supreme Court Appears Wary of Trump Bid to Fire Fed’s Lisa Cook Further listening: Why Trump Is Trying to Fire Lisa Cook Hosted by Sarah Holder; Produced by Julia Press; Reported by Amara Omeokwe and Greg Stohr; Edited by Aaron Edwards; Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

In an unprecedented speech at the World Economic Forum in Davos, Switzerland, President Donald Trump ruled out taking Greenland by military force, but made his case for the US purchasing what he described as a “large piece of ice” — and vowed to “remember” if he didn’t get his way. On today’s Big Take podcast, executive editor Flavia Krause-Jackson joins host David Gura to recap Trump’s stunning speech, the swift reaction from his peers and NATO allies and what, ultimately, could come next.Hosted by David Gura; Produced by David Fox; Reported by Flavia Krause-Jackson; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky; Engineering by Alex Sigura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

ICE has been open about its aggressive detention and deportation targets. And now, the agency has its sights set on a new kind of facility to house the people it arrests: converted warehouses that could detain 5,000 or more people. On today’s Big Take podcast, Bloomberg reporters Fola Akinnibi and Sophie Alexander take host Sarah Holder inside their team’s reporting on the agency’s latest push to expand its detention capacity, the lucrative government contracts that companies are vying for and mounting concerns around safety for detainees. Read more: ICE Plans Detention Expansion With Deal to Design ‘Mega Centers’ Companies With No Detention Experience Want to Run Trump’s ICE Camps Further listening: Why Small Towns Are Hooked on ICE Detention Hosted by Sarah Holder; Produced by Julia Press; Reported by Sophie Alexander and Fola Akinnibi; Edited by Aaron Edwards; Fact-checking by Rachael Lewis-Krisky and David Fox; Engineering by Katie McMurran; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

This week marks the end of President Trump’s first year back in office. His busy economic agenda included global tariffs, deregulation, tax cuts and so much more. The deep and dramatic changes the Trump administration proposed and imposed have fundamentally changed the way the US does business. On today’s Big Take podcast, host David Gura and Bloomberg’s Nancy Cook and Mark Niquette discuss which initiatives have had the biggest impact so far and which are likely to last. Hosted by David Gura; Produced by Julia Press; Reported by Nancy Cook and Mark Niquette; Edited by Tracey Samuelson and Patrick Hirsch; Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran; Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

For Beijing, the US capture of Venezuelan President Nicolás Maduro was a mixed bag -- an embarrassing surprise, a wake-up call over its alliances in Latin America and an opening to step up on the world stage, according to Nicholas Burns, the former US ambassador to China. On today’s Big Take, host David Gura and Ambassador Burns discuss how President Donald Trump’s military actions and threats are reshaping China’s relationships across the Pacific and the Taiwan Strait—and how the so-called “Donroe Doctrine” could ultimately hand China a global edge. Read more: How Maduro’s Removal Could Help China in Venezuela and Latin America Hosted by David Gura; Produced by Rachael Lewis-Krisky; Edited by Jeffrey Grocott. Fact-checking by Yang Yang and Naomi Ng; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Since the 2008 financial crisis, private equity firms and other large investors have bought hundreds of thousands of homes across the US, expanding their footprint in the American real estate market. But President Trump blindsided the industry with a Truth Social post last week, announcing he would push for a ban on Wall Street investors scooping up single-family homes. On today’s Big Take podcast, Bloomberg real estate reporter Patrick Clark and Bloomberg CityLab reporter Kriston Capps join host Sarah Holder to explain how big investors got a slice of the US housing market and whether pushing them out would actually put a dent in the country’s affordability crisis. Editor's Note: Updated to remove reference to Pretium comment. Read more: Trump Bid to Ban Corporate Homebuying Blindsides Wall Street Trump Targets Institutional Investors in Affordable Housing Push Wall Street Homebuyers Plan Counter-Offer After Trump Threat Hosted by Sarah Holder; Produced by Julia Press; Reported by Patrick Clark and Kriston Capps; Edited by Aaron Edwards; Fact-checking by David Fox and Rachael Lewis-Krisky; Engineering by Alex Sugiura; Senior Producer Naomi Shavin; Deputy Executive Producer Julia Weaver; Executive Producer Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

Weeks of protests in Iran started over the high price of food and essential goods. They quickly engulfed the nation and, before long, were met with deadly force by the Iranian regime’s security forces. The violent crackdown has drawn international condemnation and President Trump has offered protestors his support. On today’s Big Take podcast, host David Gura and International Crisis Group’s Iran Project Director Ali Vaez discuss how we got here, the existential threats facing the Iranian regime and what could come next if it falls. See omnystudio.com/listener for privacy information.

This week, following the deadly shooting of Renée Good by an ICE agent in Minneapolis, the state of Minnesota sued the federal government in a bid to kick out thousands of Immigration and Customs Enforcement agents. On today’s Big Take podcast, Sarah Holder is joined by Bloomberg immigration reporter Alicia Caldwell and the National Immigration Law Center’s Efrén Olivares to discuss how a rapid evolution under President Trump has reshaped ICE — and how states are responding to unprecedented waves of federal enforcers.See omnystudio.com/listener for privacy information.

On Sunday night, Federal Reserve Chair Jerome Powell announced that the US Department of Justice had served the Fed with grand jury subpoenas threatening a criminal indictment over a costly renovation of the central bank’s building. It was a watershed moment in the escalating tension between the Trump administration and the US central bank. On today’s Big Take podcast, host David Gura sits down with Fed reporters Amara Omeokwe and Enda Curran to discuss what this means for one of the most important financial institutions in the world, for Powell, for the White House — and where things could go from here. Read more: Fed Served With DOJ Subpoenas; Powell Vows to Stand Firm Former Fed Chairs, Treasury Secretaries Condemn Powell Probe Trump Faces Fed Roadblock as Republicans Blast Justice Probe Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Amara Omeokwe and Enda Curran; Edited by Naomi Shavin. Fact-checking by David Fox and Julia Press; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

After the Trump Administration’s strike on Venezuela and the arrest of President Nicolás Maduro, there’s one word on everyone’s mind: oil. President Trump has big plans for the country’s vast reserves, which today account for just 1% percent of global production. On today’s Big Take podcast, host David Gura and Bloomberg Opinion’s Javier Blas talk through the Trump Administration’s gamble on Venezuela’s oil, how the president plans to convince the energy industry to invest in the country’s aging infrastructure, and why its resources are key to the administration’s plans at home and abroad. Read more: Forget the Naysayers, Venezuela Offers Quick Oil Wins Listen more: Oil Prices Could Get Cheaper Despite Venezuela Blockade Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Javier Blas; Edited by Paddy Hirsch and Simon Casey. Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Within days of the US raid on Venezuela, President Donald Trump and his administration turned their attention to Greenland, renewing European fears that the US would try to take territory belonging to its longtime NATO ally, Denmark. On today’s Big Take podcast, Bloomberg’s Sanne Wass in Denmark and Joe Deaux, who covers Greenland, join host Sarah Holder to discuss what days of escalating rhetoric around the strategically located Arctic island could mean for Denmark, Russia and the future of NATO. See omnystudio.com/listener for privacy information.

The US House of Representatives will vote today on whether to extend subsidies for the Affordable Care Act that bring down health care costs for millions of Americans. The subsidies expired at the end of December, and lawmakers returned to Capitol Hill after their winter break just as divided over the issue as they were before the holidays. On today’s Big Take podcast, Bloomberg Congress reporter Caitlin Reilly joins host David Gura to discuss the sticking points between Republicans and Democrats and where that stalemate leaves Americans who rely on ACA subsidies in the final weeks of open enrollment. Read more: House Backs Renewing Health Subsidies, Defying Republican Leaders Hosted by David Gura Produced by Julia Press Reported by Caitlin Reilly Edited by Tracey Samuelson Fact-checking by Eleanor Harrison-Dengate Engineering by Alex SugiuraSenior Producer: Naomi Shavin Deputy Executive Producer: Julia Weaver Executive Producer: Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

The US strike on Venezuela and capture of President Nicolás Maduro sent shockwaves across the globe — particularly in China, Venezuela’s top crude buyer and creditor. On today’s Big Take Asia Podcast, Bloomberg’s Jenni Marsh and host K. Oanh Ha talk through what the intervention means for China’s strategic ties and oil supplies and how the military strike could change Beijing’s stance toward Taiwan. Read more: Xi Faces Higher Costs in Taiwan Than Trump Does in Venezuela Further listening: How the Fall of Maduro Could Echo Around the World Hosted by K. Oanh Ha; Produced by Naomi Ng, Eleanor Harrison-Dengate, Rachael Lewis-Krisky; Reported by Jenni Marsh; Edited by Jeff Grocott, Emma O’Brien, Daniel Ten Kate, John Liu. Fact-checking by editorial team; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

President Trump announced early Saturday morning that the United States had carried out a strike against Venezuela and captured its president, Nicolás Maduro, and his wife. The pair was taken to the US where they face terrorism- and drug trafficking-related charges.A few hours later, Trump announced that the US would be administering the country of Venezuela until there could be a “safe, proper, and judicious transition.”On today’s Big Take podcast, Bloomberg’s Nathan Hager sits down with Latin America regional editor Crayton Harrison to talk about the situation on the ground following the strike and what’s at stake for the people of Venezuela, its neighbors in the region and the global economy.See omnystudio.com/listener for privacy information.