The Big Take

US crude prices fell below $80 for much of the day Monday as oil traders factored in a potential deal to reopen the Strait of Hormuz. But even as reports of imminent peace deals or attacks jolt oil markets, fuel prices at US gas stations have remained high. Late last week, US oil companies Exxon and Chevron reported their biggest profits in years. On today’s Big Take podcast, oil reporter Mitchell Ferman joins host Sarah Holder to explain why oil companies are built for global conflict. Read more: Big Oil Set to Reap Profit Bonanza From Soaring Fuel Prices Exxon, Chevron Steer Windfall Profits Into Paying Down Debt We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Laura Newcombe; Reported by Mitchell Ferman; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Insurers have quietly become a major driver of the private credit boom, with numerous private equity shops striking deals with insurance companies or buying them outright. But the entanglement with private credit is also changing the insurance industry itself, raising a number of questions about risk and regulation. In this week's Weekend Listen, Odd Lots speaks to Andrew Granato and Pranjal Drall, authors of a new paper, “Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers," examining the relationship between private credit and insurance. Granato (an assistant professor at the UT Austin Law School) and Drall (JD-PhD student in Financial Economics at Yale) talk to us about how PE got so interested in insurance in the first place, how both sides benefit from the relationship, and why taxpayers might ultimately be on the hook. Read more:Blue Owl Surges as Leaders Stress It’s More Than a Direct LenderAres $29 Billion Private Credit Fund Sees Uptick in Non-Accruals 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 Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

The path to the future of the Democratic Party — and to the White House in 2028 — may well run through Michigan. The state’s upcoming Democratic primary election is a highly anticipated showdown between a Democratic-Socialist-backed candidate and a centrist one, who are vying for both a crucial seat in the US Senate and a major say in the party’s priorities. On today’s Big Take podcast, host David Gura sits down with senior political correspondent Nancy Cook and Bloomberg Opinions’ Ronald Brownstein to unpack the stakes of the Democratic primaries in this midterm cycle and what they could reveal about the party’s future. Read more: How the Michigan Primary Could Shape the Midterms Democrats’ 2028 Map Reshapes the Fight Between Left and Center We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Nancy Cook and Ronald Brownstein; Edited by Naomi Shavin. Fact-checking by Laura Newcombe and Victor Swezey; Engineering by Sean Carter. Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

From margarine to chocolate treats, some brands are swapping in cheaper ingredients to save money on their most beloved products. It’s a trend known as “skimpflation.” But what happens when consumers start to notice? On today’s Big Take podcast, Stacey Vanek Smith hears from Brad Reese, grandson of the Reese’s Peanut Butter Cup creator, about his crusade against the practice, the multi-million-dollar cottage industry that’s formed around it and the economic conditions that got us here in the first place. Read more: How Brands Sneak In Cheaper Ingredients to Protect Their Profit Margins We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.See omnystudio.com/listener for privacy information.

With the US midterms fast approaching, voters and the media are increasingly looking to a new forecasting tool: prediction markets. The leading platforms, Kalshi and Polymarket, have been touted as a truth serum for political forecasting — arenas for mass betting that reveal what people really think when they’ve got money on the line. But a new Bloomberg investigation has found evidence that these markets are vulnerable to manipulation. On today’s Big Take podcast, host Sarah Holder and Bloomberg investigative reporter Liam Vaughan dig into what can happen when prediction markets mix with politics — and how cheap and easy it can be to sway them. Read more: How a Few Hundred Dollars Could Manipulate Election Prediction Markets We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Victor Swezey and David Fox; Reported by Liam Vaughan; Edited by Tracey Samuelson. Fact-checking by 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.

Weeks of student-led protests forced the resignation of India’s education minister, in a rare public setback for Prime Minister Narendra Modi. On today’s Big Take Asia podcast, guest host Rebecca Choong Wilkins and Bloomberg reporter Atul Dev discuss how India’s cockroach movement grew from a satirical online joke into a powerful anti-Modi protest and why its economic grievances resonate so deeply among young Indians at this moment. Read more: Awakened Indian Students Hand Modi One of His Biggest SetbacksIndia Youth Protests End as Modi Bows to Group’s Demands Hosted by Rebecca Choong Wilkins; Produced by Naomi Ng; Reported by Atul Dev; Edited by Jeffrey Grocott, Paddy Hirsch and Julia Weaver. Fact-checking by Rachael Lewis-Krisky and Julia Press; Engineering by Taka Yasuzawa, Alex Sugiura, Emma Munger Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

As President Trump paused strikes on Iran over the weekend, he ratcheted up pressure on another front: his renewed trade war. On Friday, the US president imposed levies of 10 or 12.5% on 60 economies, the first in many steps to rebuild the tariff wall destroyed when the Supreme Court overturned Trump’s IEEPA tariffs in February. On today’s Big Take podcast, Bloomberg’s global trade editor Brendan Murray sits down with host David Gura to break down the latest tariffs, what they reveal about the administration’s new strategy and whether they’ll hold up in court. Read more: Trump Rebuilds Tariffs With New Levies on 60 Economies How Trump’s Section 301 Tariffs Are Being Challenged in Court Watch more: US Trade Rep. Greer on China Relations and Section 301 Tariffs We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Julia Press and Rachael Lewis-Krisky; Reported by Brendan Murray; Edited by Nicole Beemsterboer. Fact-checking by Rachael Lewis-Krisky; Engineering by Emma Munger.See omnystudio.com/listener for privacy information.

As wealth becomes increasingly concentrated — and artificial intelligence threatens to shift even more income from workers to investors — has the US tax system become outdated? On this Weekend Listen, Trumponomics' Stephanie Flanders speaks with Harvard professor Jason Furman, a former economic adviser to President Barack Obama, and Bloomberg reporter Caitlin Reilly about wealth taxes, capital gains, inheritance and whether taxing America's richest is politically or constitutionally possible. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.See omnystudio.com/listener for privacy information.

American consumers disputed nearly 30% more credit card transactions in 2025 than they did just four years earlier. Some of those “chargebacks” are legitimate issues or outright scams. But increasingly, many are what Bloomberg Businessweek reporter Amanda Mull says is friendly fraud — transaction disputes that aren’t completely honest or the retailer’s fault. On today’s Big Take podcast, Mull joins host Sarah Holder to discuss the sharp rise in chargebacks, and the consequences of this trend for retailers, banks and consumers. Read more: Credit Card Holders Are Using ‘Friendly Fraud’ to Get Back at Retailers We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Amanda Mull; Edited by Naomi Shavin. Fact-checking by Laura Newcombe; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

After the pandemic-era run on medical gloves, the US government set a plan in motion to reshore manufacturing. Roughly six years and almost $1 billion later, America is once again facing potential shortages of medical gloves because of supply chain disruptions stemming from the war in Iran. On today’s Big Take podcast, host Sarah Holder and health care industry reporter Anna Edney break down why US efforts to make American medical gloves have largely failed, what it says about reshoring manufacturing writ large and where the industry goes from here. Read more: Almost $1 Billion Later, the US Still Can’t Make a Medical Glove We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Laura Newcombe and Rachael Lewis-Krisky; Reported by Anna Edney; Edited by Naomi Shavin. Fact-checking by Victor Swezey; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

How did Tether — the largest stablecoin issuer in the world — go from fighting stablecoin regulation to supporting the Genius Act? That’s the subject of a new Bloomberg News investigation into how Trump insiders helped to loosen safeguards and shape the process that led to the law in ways that benefitted the company. On today’s Big Take podcast, Bloomberg’s Anthony Cormier and David Kocieniewski detail their reporting for host Sarah Holder, including how US Commerce Secretary Howard Lutnick, according to court filings, ‘managed to kill’ less favorable legislation before taking office, and how former White House aide Bo Hines defended a provision Tether wanted – before going to work for the company. Read more: How Tether Benefited as Trump Insiders Shaped First US Crypto Law Further listening: Meet Tether, The Most Powerful Crypto Firm You’ve Never Heard Of We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by David Fox; Reported by Anthony Cormier, David Kocieniewski and Annie Massa; Edited by Aaron Edwards, Tracey Samuelson. Fact-checking by Rachael Lewis-Krisky; Engineering by Emma Munger, Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

When a 1,000-year-old Cambodian statue came up for auction at Sotheby’s in New York, it sparked off an investigation that uncovered one of the world’s most extensive art trafficking networks. On today’s Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg’s Matthew Campbell and American lawyer Bradley Gordon on how Cambodia’s looted treasures ended up scattered around the world and what it takes to bring them home. Read more: Chasing the Man Who Stole the Gods Watch, from Originals: Cambodia to Museums: We Want Our Statues Back We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by K. Oanh Ha; Produced by Naomi Ng; Reported by Matthew Campbell; Edited by Aaron Edwards. Fact-checking by Victor Swezey and Yang Yang; Engineering by Taka Yasuzawa and Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. Photo by Agnes Dherbeys/The New York Times/ReduxSee omnystudio.com/listener for privacy information.

From celebrity wedding details to the timing of military strikes, prediction markets have opened the door to gambling on almost anything. They’ve also created a new class of insider trader that platforms and US regulators are racing to stop. On today’s Big Take podcast, Bloomberg’s Denitsa Tsekova and Leonardo Nicoletti join host Sarah Holder to break down a $200 million surge in unusual bets on Polymarket — and explore what it will take for regulators to rein them in. Read more: Prediction Markets Are Minting a New Type of Insider Trader We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky and Victor Swezey; Reported by Denitsa Tsekova and Leonardo Nicoletti; Edited by Aaron Edwards and Julia Weaver. Fact-checking by Victor Swezey, Laura Newcombe and David Fox; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Tucker Carlson was one of Donald Trump’s most prominent allies when he campaigned for re-election and through his first year back in the White House. The US-Israel war with Iran, however, marked a decisive split between the two men. Carlson, a right-wing media personality, now argues that Trump has abandoned his “America First” agenda and allowed Israel to drive US foreign policy.In this conversation, Carlson tells Mishal Husain about how he advised against starting the war with Iran. He also talks about his faith in Vice President JD Vance and his belief that feminism has exploited women in the workplace. Contact The Mishal Husain Show mishalshow@bloomberg.net See omnystudio.com/listener for privacy information.

There’s a historic mismatch between fun-supply and fun-demand in the US this summer. Americans are clamoring for places to relax and socialize. But the purveyors and conduits of fun — like airlines, theme parks, resorts, concert venues, camps and more — are all grappling with the same inflationary pressures as the rest of us — making fun more expensive and harder to access. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg's Ben Steverman about why a fun shortage is a serious problem for society — and what can be done about it. Read more: The Fun Shortage Is Real, and It’s Making America Miserable We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Laura Newcombe; Reported by Ben Steverman; Edited by Naomi Shavin. Fact-checking by Rachael Lewis-Krisky; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

A slate of new data this week painted a tepid but slightly optimistic picture of the US economy: Consumer prices declined in June for the first time in six years, jobless claims ticked down and retail sales rose modestly. So why doesn’t the data match up with how Americans are feeling? On today’s Big Take podcast, host Sarah Holder talks to Bloomberg’s Reade Pickert and labor economist Kathryn Anne Edwards about what the data does (and doesn’t) tell us about the state of the US economy. Read more: How’s Inflation? Depends How It’s Measured We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Reade Pickert; Edited by Aaron Edwards. Fact-checking by Victor Swezey, Rachael Lewis-Krisky; Engineering by Sean Carter. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

President Donald Trump’s 2025 financial disclosure showed earnings unlike anything Americans have seen from a sitting US president: $1.4 billion in cryptocurrency, 21,000 securities trades and millions from his resorts and golf clubs. On today’s Big Take podcast, Bloomberg campaign finance reporter Bill Allison joins host Sarah Holder to look at the ethical concerns the disclosure raises and what — if any — political fallout could follow. Read more: Trump Reports at Least $1.4 Billion in 2025 Crypto Earnings Trump Reports Receiving About $120,000 in Sports Events Tickets Trump Financial Disclosure Shows 21,000 Trades in 2025 We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Bill Allison; Fact-checking by Victor Swezey; Engineering by Alex Sugiura; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

China’s men’s soccer team has qualified for the World Cup just once, despite millions in investment and a personal push from President Xi Jinping to turn the nation into a footballing powerhouse. On today’s Big Take Asia podcast, host Oanh Ha speaks with Eric Zhu of Bloomberg Economics and Mark Dreyer, sports writer and author of Sporting Superpower, about why the country’s top-down engineering approach fails to capture the grassroots magic of the game and how academic pressure continues to push many young players off the field. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Oanh Ha; Produced by Yang Yang and Naomi Ng; Edited by Patrick Hirsch, Julia Weaver; Fact-checking by Julia Press; Engineering by Taka Yasuzawa Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The last few days have brought a flurry of developments in the Iran war. As armed hostilities between the US and Iran resumed over the weekend, news broke that US Senator Lindsey Graham had died. Graham was a staunch supporter of Israel and of the war in Iran. And on Monday, President Trump declared US control over the Strait of Hormuz and demanded a 20% reimbursement rate for all cargo that moves through the waterway. It’s not clear when the war with Iran will end. But when it does, the balance of power in the Middle East will look very different than it did before Hamas attacked Israel on October 7, 2023. On today’s Big Take podcast, Bloomberg’s Peter Martin joins host David Gura to discuss the new alliances, revised trade routes and expanded battlefields that are reshaping the Middle East. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Laura Newcombe; Reported by Peter Martin; Edited by Nicole Beemsterboer. Fact-checking by Victor Swezey; Engineering by Alex Suguira. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

The great famine of the 1870s killed 50 million people – and El Niño was a key driver. Another El Niño phase has just begun and it’s expected to be among the strongest. There are five times as many people in 2026 as there were in the 1870s and the planet is 1.4C hotter. So are we better prepared? In this weekend's listen, Bloomberg’s Akshat Rathi speaks with Mingfang Ting, professor of climate at Columbia University, about the natural phenomenon and its interaction with human-caused climate change. Read more: Bloomberg Green's deep dive on extreme heat Thoughts or suggestions? Email zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.See omnystudio.com/listener for privacy information.

Some of the world’s top tennis players will face off at the Wimbledon finals this weekend. The players who make it to Centre Court have already achieved a bigger feat: a career as a tennis player. On today’s Big Take podcast, Bloomberg’s Hannah Miller and The Athletic’s Matt Futterman break down what sets tennis apart from other sports and the challenges the tournaments and players face to stay profitable. Further Listening : Rafael Nadal's Retirement Is So Great He Doesn't Miss Tennis Read more: Grand Slam prize money is enormous. The economics of tennis tournaments is complicated Wimbledon Investors Cash In With VIP Seats Costing Over $500,000 Matt Futterman’s book, The Cruelest Game, is available for pre-order We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Julia Press; Reported by Matt Futterman, Hannah Miller; Edited by Aaron Edwards. Fact-checking by Laura Newcombe; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Maine Democrat Graham Platner’s withdrawal from his US Senate race is ratcheting up an already intense run-up to the US midterm elections. And yet, across the political spectrum, lawmakers in Washington agree that they need to deliver — quickly — on promises of affordability. With broad bipartisan support, they passed the 21st Century ROAD to Housing Act, billed as allowing more Americans to achieve the dream of home ownership. But the bill’s fate has been thrown into doubt by President Trump, who surprised lawmakers by declining to sign it. On today’s Big Take podcast, Bloomberg housing policy reporter Katy O’Donnell and Megan Scully, who leads Bloomberg’s Congressional coverage, join Sarah Holder to discuss what’s in the housing bill, how Trump could still steer its fate and what his intervention could mean for Republicans in the midterms. Read more: Would Congress’ New Housing Bill Lower Home Prices? Trump, GOP Clash After President Scraps Housing Bill Signing We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Katy O’Donnell and Megan Scully; Edited by Jeffrey Grocott. Fact-checking by David Fox and Victor Swezy; 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 two decades, American universities have doubled down on master’s programs, relying on graduate degrees as their financial backbones. Now, the Trump administration’s policies are posing existential threats to that business model. On today’s Big Take podcast, education reporter Liam Knox joins host Sarah Holder to break down the administration’s three-pronged attack on graduate school and the impact it could have on students, universities and America’s place on the global stage. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Liam Knox; Edited by Tracey Samuelson. Fact-checking by Victor Swezey; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

China rattled neighbors from Japan to Australia on Monday by test-launching a long-range ballistic missile from a nuclear submarine in the Pacific Ocean. While such launches are rare, the latest test reflects Beijing’s increasing openness about its growing military strength. On today’s Big Take Asia podcast, Rebecca Choong Wilkins, who covers Asian government and politics, joins host K. Oanh Ha to discuss the surprise launch, China’s expanding arsenal and what they reveal about Beijing’s military aspirations for 2027 and beyond. Read more: China’s ICBM Tests Point to New Normal Rattling the Pacific China Holds Rare Test of Sub-Launched Missile in Pacific Ocean China’s Secretive Missile Program Is Making Dozens of Companies Rich We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by K. Oanh Ha; Produced by Naomi Ng and Rachael Lewis-Krisky; Reported by Rebecca Choong Wilkins; Edited by Jeffrey Grocott, John Liu and Julia Weaver; Fact-checking by Julia Press, David Fox and Yang Yang; 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.

Two opaque corners of finance have joined forces: shadow banking and phantom debt. Put another way, private credit firms are backing Buy-Now-Pay-Later companies to finance their expansion into the US consumer market. On today’s Big Take podcast, guest host Stacey Vanek Smith joins Bloomberg reporters J.J. McCorvey and René Ismail to discuss what private credit’s involvement in BNPL means for everyday borrowers, why it’s raising concerns and whether the risks hiding in these spaces could spill over into the rest of the economy. Read more: Private Credit Is Making Bets on Consumer Debt at a Precarious Time Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by J.J. McCorvey and René Ismail; Edited by Naomi Shavin. Fact-checking by Julia Press and Laura Newcombe; 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 America’s 250th anniversary and our Weekend Listen, the Pulitzer Prize-winning historian Jill Lepore joins Mishal Husain to take her through her book on the US Constitution.We The People explores how the Constitution came about and, crucially, how there was an expectation that it would likely change over time. This is not, however, an episode entirely set in the past, because Jill Lepore is acutely alive to the pressures of the moment and of the contested sense of what America is or should be.Contact The Mishal Husain Show mishalshow@bloomberg.net Subscribe today on Apple Podcasts and Spotify.See omnystudio.com/listener for privacy information.

The federal programming leading up to the United States’ 250th anniversary this weekend has ranged from the genteel (essay contests for grade-schoolers and a national push for volunteerism) to the MAGA-coded (a “Freedom Truck” convoy and a UFC cage fight on the White House lawn). The events are the product of rival planning committees – one created last year by the Trump administration, another by Congress a decade ago. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg Businessweek Senior Editor Laura Bliss about the funding battles and cronyism allegations that have dogged this year’s events – and how they echo earlier chapters of American history. Read more: The Money and Influence Behind America’s Very MAGA 250th Birthday Party Why the Great American State Fair Looks So Empty We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Laura Bliss; Edited by Jeffrey Grocott and Tracey Samuelson. Fact-checking by 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 just a few years, peptides have grown from fringe drugs popular with fitness buffs and ‘looksmaxxers’ to a billion-dollar black market. Now, with the prospect of regulation on the horizon, healthcare players and investors are racing to cash in. On today’s Big Take podcast, Bloomberg reporters Amanda Mull and Madison Muller join host Sarah Holder to break down the peptide boom, the safety concerns surrounding it and how a friendly Trump administration could bring it into the mainstream. Read more: Peptides Fuel a Multibillion-Dollar Startup Race Hosted by Sarah Holder; Produced by Laura Newcombe, Victor Swezey; Reported by Amanda Mull, Madison Muller; Edited by Julia Weaver, Aaron Edwards. Fact-checking by 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.

In the 2026 elections, artificial intelligence is the backdrop for just about everything. The US and Anthropic reached a truce in recent days that lets the company roll out its powerful models to some users, the sort of on-the-fly decision-making that has candidates jockeying to shape how AI is regulated. Big AI companies are pouring money into 2026 state and federal races, dwarfing the cryptocurrency industry’s spending in 2024. And even as AI is fueling Americans’ anxiety about jobs and energy prices, it’s feeding them the ads and information that will shape their votes: According to one survey, 55% of US voters under the age of 45 are likely to use chatbots to learn about candidates and elections. On today’s Big Take podcast, Bloomberg’s Michael Shepard, a senior editor focusing on AI, joins David Gura to discuss what the first AI election means for our current moment. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Michael Shepard; Edited by Jeffrey Grocott. Fact-checking by Victor Swezey, Julia Press and David Fox; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Thanks to the AI boom, stock markets in Taiwan and South Korea have seen historic rallies this year. But as retail investors pile in, often using borrowed money, concerns are growing over whether this momentum is sustainable. On today’s Big Take Asia podcast, guest host Rebecca Choong Wilkins speaks with Bloomberg’s Asian markets reporter Charlotte Yang and Bloomberg Opinion’s Shuli Ren about the risks of betting on AI and how potential fallout could ripple beyond the region. Read more: Taiwanese Go Deep Into Debt to Amp 100% Stock Rally Play Micron, Hynix and Samsung ETFs at Your Peril Hosted by Rebecca Choong Wilkins; Produced by Naomi Ng; Reported by Charlotte Yang, Shuli Ren, Chien-Hua Wan; Edited by Paddy Hirsch, Jiyeun Lee, Julia Weaver. Fact-checking by Victor Swezey; Engineering by Taka Yasuzawa. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

A divided Supreme Court has upheld the constitutional right to birthright citizenship, rejecting President Trump’s planned restrictions and invalidating a central plank of his immigration agenda. We have more on that story next from Bloomberg News Now, tracking the latest business headlines from around the world.See omnystudio.com/listener for privacy information.

In a 5-4 ruling, the Supreme Court blocked President Trump’s efforts to remove Federal Reserve Governor Lisa Cook for now, delivering the Fed a victory in the grueling fight over its independence. But the decision arrived alongside another ruling that allows the president to fire a top official at the Federal Trade Commission—a move widely seen as a boon to executive power over independent agencies. On today’s Big Take podcast, Bloomberg Fed Editor Amara Omeokwe and Senior Legal Reporter Zoe Tillman join Sarah Holder to unpack what these twin rulings mean for the Trump administration's push to assert power over long-independent government regulators, how the court singled out the Fed in its decision and what this means for the central bank and Lisa Cook’s future. Read more: Supreme Court Expands Trump’s Power to Fire Federal Bureaucrats We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Amara Omeokwe and Zoe Tillman; Edited by Jeffrey Grocott. Fact-checking by Laura Newcombe and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

In November, California will choose a new governor to replace Gavin Newsom, pitting Democratic candidate Xavier Becerra, a former US Secretary of Health and Human Services, US Congressman and state attorney general, against an unlikely Republican rival: Steve Hilton.Hilton was born in the UK and became a US citizen only five years ago. He had a career in center-right British politics, working as an adviser for former Conservative Prime Minister David Cameron. In 2012, Hilton moved to California, where he worked as a tech entrepreneur and as a host on right-leaning Fox News.Hilton, who wants to be the state’s first Republican governor since Arnold Schwarzenegger, tells Mishal Husain how he joined the party, discusses the US-Israel war with Iran, his attitude to big tech and what he misses about life in Britain. He also discusses what having Donald Trump’s endorsement means for him and his campaign. Contact The Mishal Husain Show mishalshow@bloomberg.netSee omnystudio.com/listener for privacy information.

On July 1, 2025, the US effectively ended operations of the United States Agency for International Development, the global aid organization founded in 1961, cutting most staff and moving it into the US State Department. Samantha Power, who led the agency under President Biden until early 2025, joins David Gura on the Big Take podcast to look back at what was lost, internationally and at home. You can watch their conversation — on Ebola, Iran, Israel and Gaza — on Bloomberg.com. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by David Fox; Edited by Jeffrey Grocott and Aaron Edwards. Fact-checking by Laura Newcombe; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Nearly four months after the war in Iran began, US and Iranian negotiators are trying to turn their cease-fire into lasting peace. But critics of the latest memorandum of understanding say it mostly leaves President Donald Trump where he was before the war started, with many key issues unresolved. On today’s Big Take podcast, Bloomberg Opinion columnist Marc Champion on the latest negotiations between the two countries and what foreign powers – from the Gulf to China – will be watching for in a proposed settlement. Read more: Trump’s Iran Truce Has the Hallmarks of Defeat Hosted by David Gura; Produced by Julia Press; Reported by Marc Champion; Edited by Julia Weaver and Jeffrey Grocott. Fact-checking by Victor Swezey and Laura Newcombe; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

For a growing number of older workers, retirement is no longer feeling so achievable—or appealing. But staying in the workforce or going back to work in your 60s and 70s comes with challenges, for workers and companies. On today’s Big Take podcast, Bloomberg’s Stacey Vanek Smith talks to the World Economic Forum’s Haleh Nazeri about the factors driving the rise in so-called ‘unretirement.’ And we hear from David Lloyd, a radio presenter who’s trying to give other Boomers a later-in-life career boost. Read more: When the Best Retirement Is No Retirement at All We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Stacey Vanek Smith; Produced by Julia Press; Reported by Stacey Vanek Smith; Edited by Aaron Edwards. Fact-checking by Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

After more than a decade as a private company, Chinese social media app Xiaohongshu, known internationally as RedNote, is testing China’s mood for all things tech with its plan to list in Hong Kong. On today’s Big Take Asia podcast, host K. Oanh Ha speaks with Bloomberg Intelligence’s Robert Lea about why the time may be right for an IPO and what Xiaohongshu's debut says about the future of China’s tech industry. Read more: Xiaohongshu Is Said to Ready Hong Kong IPO Filing This MonthSee omnystudio.com/listener for privacy information.

British Prime Minister Keir Starmer announced his resignation Monday after less than two years in office. Starmer is the sixth Prime Minister to resign in the decade since the Brexit vote, raising major questions about where the country’s fractured political system goes from here. On today’s Big Take podcast, Bloomberg Executive Editor Edward Evans joins guest host Wendy Benjaminson from London to discuss the turmoil at 10 Downing Street. They explore what led to Starmer’s resignation, how soon the man poised to replace him, Labour Party frontrunner Andy Burnham, could call a general election and how the UK’s other political parties might take advantage of the power vacuum. Read more: Burnham Poised for Power in UK After Starmer Steps Aside We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Wendy Benjaminson; Produced by Julia Press; Reported by Edward Evans; Edited by Tracey Samuelson. Fact-checking by Victor Swezey and Laura Newcombe; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

Longtime former Chair of the Federal Reserve of the United States Alan Greenspan had died at 100. We're bringing you some of our coverage from Bloomberg's News Now, covering the latest global business stories around the world.See omnystudio.com/listener for privacy information.

There’s a lot to unpack with AI right now — everything from its potential impacts on the labor market and society to more extreme questions about existential risk. Anthropic, which builds frontier models like Mythos, Fable, and Claude, is actively grappling with these issues, including whether governments should limit AI development. Just last week, the Trump administration forced Anthropic to block foreign access to its two leading models. In this episode, Odd Lots co-hosts speak with Jack Clark (co-founder and head of public benefit) and Peter McCrory (head economist) about how Anthropic approaches safety and economic risks. We talk about its preparations for recursive self-improvement, the engineers it's hiring now, and why Jack left Bloomberg to enter the early AI industry. Read more:Anthropic Lays Out Vision for How to Bolster AI Models’ SafetyMicrosoft Makes Big AI Inroads in China by Selling OpenAI Models 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 Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

Everlane, the sustainability-focused basics clothing brand, is being acquired by Shein, the e-commerce giant known for fast fashion. To Bloomberg’s Amanda Mull, the sale reflected how far consumers are or aren’t willing to go to shop their values—and marked Everlane as the latest direct-to-consumer company to struggle. On today’s Big Take podcast, we hear from Mull, Everlane shoppers and the brand’s co-founder Michael Preysman, to understand where the company went wrong and what its sale could mean for the future of retail. Read more: E-Commerce Giant Shein Buys Apparel Brand Everlane, Reports Say Quince’s Best-Kept Secret Isn’t Its Cheap Cashmere and Couches We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Laura Newcombe and Julia Press; Reported by Amanda Mull; Edited by Tracey Samuelson. Fact-checking by Victor Swezey; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

New Yorkers turned out by the thousands on Thursday to celebrate the Knicks’ first NBA Finals victory in 53 years. But Jalen Brunson and co. weren’t the only big winners. On today’s Big Take podcast, Jason Kelly – host of Bloomberg’s The Deal With Alex Rodriguez and Jason Kelly – and business of sports reporter Randall Williams tell Sarah Holder about the business side of the most-watched NBA finals since 1998, and how the series bolstered the fortunes of everyone from merch sellers and New York bars to, of course, the NBA itself. Read more: NY Knicks Fans Pay $950 to Hold Spots at Free Parade We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky with assistance from Victor Swezey; Reported by Jason Kelly and Randall Williams; Edited by Jeffrey Grocott. Fact-checking by Laura Newcombe and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.