Big Take

The Federal Open Market Committee announced this afternoon that it would hold interest rates steady. The decision comes in spite of spiking oil prices and new market uncertainty driven by the Iran War. On today’s Big Take podcast, host David Gura sits down with Bloomberg Federal Reserve reporter Amara Omeokwe and Wharton professor and historian Peter Conti-Brown to discuss how the Fed is thinking about the Iran War and its impacts on the US economy — and what could shift its calculus in the months ahead. Read more: Fed to Hold Interest Rates Steady as Iran War Scrambles the Economic Outlook Hosted by David Gura; Produced by Julia Press; Reported by Amara Omeokwe; 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.

From soaring fuel prices in Pakistan to a shortage of cooking gas in India, Asia is bearing the brunt of the energy crunch sparked by the Iran War. On today’s Big Take Asia podcast we look at how war in the Middle East has pushed Asia to the forefront of a global crisis. Host K. Oanh Ha speaks with Bloomberg’s Faseeh Mangi about the impact of soaring fuel prices in Pakistan and Clara Ferreira Marques about how the least economically resilient countries are feeling the most pain.  Hosted by K. Oanh Ha; Produced by Yang Yang, Naomi Ng;  Reported by Faseeh Mangi, Clara Ferreira Marques;  Edited by Paddy Hirsch. Fact-checking by Naomi Ng, Eleanor Harrison-Dengate;  Engineering by Taka Yasuzawa. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

As the war in Iran draws in more countries, it’s had unlikely benefits for one of Iran’s key allies: Russia. President Trump has eased some sanctions on Russian oil in his efforts to alleviate the oil squeeze created by the conflict. Meanwhile, the allyship between Russia and Iran has deepened as both countries have shared battlefield intelligence. On today’s Big Take podcast, host Sarah Holder talks with US defense and intelligence reporter Natalia Drozdiak about how Russia could benefit from the Iran War — and what it could ultimately mean for Russia’s war in Ukraine. Read more: Putin’s ‘Hidden Hand’ Guides Iran’s Strikes in Widening War Hosted by Sarah Holder; Produced by David Fox; Reported by Natalia Drozdiak; Edited by Naomi Shavin. 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.

By any account, Chen Zhi's ascent was meteoric. At a young age he founded a real estate company in Cambodia, which quickly became the sprawling Prince Group conglomerate. But beneath this legitimate facade, Chen allegedly ran a vast criminal network, building an empire on scams, human trafficking and high-level political protection. On today’s Big Take Asia podcast, Host K. Oanh Ha and Bloomberg’s David Ramli look into the rapid rise and sudden downfall of an alleged criminal mastermind. Never miss an episode. Follow The Big Take Asia podcast today Read more: The Tycoon Who Had a Secret Life as an Alleged Scam Kingpin Further listening: Inside Southeast Asia’s Most Notorious Crime HubThis episode was produced by: Yang Yang; Editors: Patrick Hirsch, Serena Ng, Matthew Thomas; Reporting by: David Ramli; Additional Reporting: Low De Wei; Sound Design/Engineer: Taka Yasuzawa; Fact-checker: Eleanor Harrison-Dengate; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole BeemsterboerSee omnystudio.com/listener for privacy information.

From online banking and social media to digital ads and AI subscriptions, digital services are the fastest-growing segment of global trade. Unlike physical exports, they’ve been subject to little regulation, taxation or tariffs. Until now. On today’s Big Take podcast, Bloomberg global trade editor Brendan Murray and David Gura dig into the rising tensions over the almost $5 trillion in digital services sold across borders each year, why a consequential WTO meeting could change everything and what it means for the global tariff war. Read more: Trump Starts Rebuilding Tariff Protections Targeting China, Europe  Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Brendan Murray; 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.

In the first 24 hours of US attacks on Iran, the scale of firepower more than doubled that of the US’ initial assault on Iraq in 2003 — an expansion made possible by the Pentagon’s embrace of AI. Just hours before the attack, the US parted ways with AI company Anthropic, after the company raised concerns over how the Defense Department might use its tools. The Pentagon says it wants the ability to use the tools for “all lawful purposes.” On today’s Big Take podcast, host David Gura sits down with Bloomberg national security and tech reporter Katrina Manson — author of the upcoming book Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare — and Bloomberg senior editor Mike Shepard to discuss how the US is integrating AI into its warfighting machine and the guardrails in place for the military as it utilizes AI technology to make life-and-death decisions. Read more: ‘God, It’s Terrifying’: How the Pentagon Got Hooked on AI War Machines Katrina Manson’s book is Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare. Hosted by David Gura; Produced by Julia Press; Reported by Katrina Manson and Michael Shepard; 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.

On today’s Big Take podcast, Bloomberg’s Brian Chappatta and Olivia Fishlow unpack the recent tumult in the world of private credit. How cracks formed in this $1.8 trillion market, how companies are trying to tamp down investor anxiety and what it all could mean for the private credit industry’s efforts to get into 401(k)s.  Read more: Private Credit’s Gate-Crashers Are Forcing Funds Into a Brutal Spot  Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Brian Chappatta and Olivia Fishlow; Edited by Naomi Shavin and 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.

After oil soared to nearly $120 per barrel on Sunday, President Donald Trump began to signal that the US had already achieved victory in Iran and could wind down the conflict soon. There was an immediate drop in oil prices — and the entire global economy seemed to sigh in relief. On today’s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion’s Javier Blas discuss why the global economy is so sensitive to oil price spikes and how oil prices are ratcheting up both domestic and international pressure on Trump. Read more:  Higher Gas Prices Hit Americans Already Hurting From Inflation This Isn’t an Energy Crisis — at Least Not Yet Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Stacey Vanek Smith; Edited by Naomi Shavin. Fact-checking by Eleanor Harrison-Dengate, Aaron Edwards and Jeff Grocott; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

A major factor that could limit hostilities in Iran and the Middle East is munitions — what weapons each side is using, and how quickly they might run out. On today’s Big Take podcast, Sarah Holder talks to Bloomberg global defense editor Gerry Doyle and Bloomberg Economics defense lead Becca Wasser about how long the US and Iran can carry on missile and drone strikes, what happens next in the region and what opportunity cost the US could pay for picking this battle now. Read more: Iran’s Missile Math: $20,000 Drones Take on $4 Million Patriots Ukraine Offers Help Downing Iran Drones in Exchange for Patriot Missiles Hosted by Sarah Holder; Produced by Julia Press; Reported by Gerry Doyle and Becca Wasser (Bloomberg Economics); Edited by Jeffrey Grocott. 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.

President Donald Trump fired Kristi Noem from her role as head of the Department of Homeland Security on Thursday. One of the reasons for Noem’s removal involved her oversight of a $240 million DHS ad campaign, starring herself.  On today’s Big Take podcast, Bloomberg investigative reporters Irene Casado Sanchez and Eric Fan join host Sarah Holder to reveal the inside story of that ad blitz — and the ties between people in Trump’s orbit and the companies that were given millions to spend on it.  Read more: Noem Ad Blitz Benefits Media Firms Linked to Trump CampaignsSee omnystudio.com/listener for privacy information.

In Episode 5 of The Sixth Bureau, a series from The Big Take, a spy from China’s Ministry of State Security travels to an overseas meeting with a valuable source. He has no idea he is walking into a trap that the FBI has been setting up for months. 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 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. Listen to Episodes 1 - 4 here.See omnystudio.com/listener for privacy information.

The war in the Middle East is rattling global oil markets, raising the risk of supply disruptions and price shocks for energy‑hungry Asian economies. On today’s Big Take Asia podcast, host K. Oanh Ha speaks with Bloomberg’s Daniel Ten Kate and Fereidun Fesharaki, founder and chairman of FGE, about how tensions involving Iran are being watched by energy markets — and which Asian economies are most exposed if the crisis escalates.See omnystudio.com/listener for privacy information.

How long will hostilities in Iran last? Former Secretary of State Antony Blinken says it will likely depend on “markets and munitions.” In an interview with the Big Take podcast, Blinken and host David Gura discuss the Obama and Biden administrations’ efforts to avoid conflict with Iran, the unanticipated ways this war puts the US at risk and how the strikes could reshape the region. Hosted by David Gura; Produced by David Fox; Edited by Jeffrey Grocott. Fact-checking by Rachael Lewis-Krisky 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.

As the war with Iran widens in the Middle East, legislators on both sides of the aisle have expressed frustration with a lack of advance notice of the strikes and the inconsistencies in the administration’s justifications and goals for the military action. On today’s Big Take, Bloomberg national political correspondent Nancy Cook and national security reporter Jamie Tarabay join the show to discuss what Trump is trying to accomplish in Iran, what powers Congress has to shape US involvement and whether legislators will support what Trump tries to do next.  Read more: US Congress Unlikely to Limit Trump on Iran War for Now Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Nancy Cook and Jamie Tarabay; Edited by Tracey Samuelson. Fact-checking by David Fox, Eleanor Harrison-Dengate 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.

The US and Israel’s attacks on Iran have entered their third day — and President Donald Trump said Monday that the US military operation could continue for weeks, or more. On today’s Big Take podcast, reporter Golnar Motevalli talks to host Sarah Holder about the widening regional conflict, Iran’s succession plans and what we know about the end game for the US as President Trump vows to do “whatever it takes.”  Follow Bloomberg’s live coverage here. Hosted by Sarah Holder; Produced by Julia Press and Eleanor Harrison-Dengate; Reported by Golnar Motevalli; Edited by Jeffrey Grocott. 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.

Targets in Iran, Israel and in the Middle East are under attack in an unprecedented escalation in the conflict between the US and Iran. The combat operations come after weeks of negotiations between the US and Iran over what remains of its nuclear program. On today’s Big Take, Bloomberg’s Jeff Mason and Joumanna Bercetche join host David Gura to discuss the timing and goals of this weekend’s strikes — and the risk of a widening, regional conflict. This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe. Read more:  Diplomacy Shifts to War: How Trump’s Team Decided to Attack Iran Oil Market’s ‘Worst Fears’ Are Here as Gulf Conflict Hits Hormuz  Hosted by David Gura; Produced by David Fox and Rachael Lewis-Krisky; Reported by Jeff Mason and Joumanna Bercetche; Edited by Naomi Shavin. Fact-checking by Rachael Lewis-Krisky. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.See omnystudio.com/listener for privacy information.

After steering one of Wall Street’s iconic investment banks through the financial crisis, former Goldman Sachs CEO Lloyd Blankfein is investing his own money and, with the publication of a new memoir, reflecting on his time at the firm. On today’s Big Take podcast, Blankfein tells host David Gura how he uses AI, what he sees as a worrying expansion of opaque investment products and what happens when public companies respond to political pressures. And David asks him about the resignation of Goldman’s top lawyer following the release of the latest Epstein files. Hosted by David Gura; Produced by Julia Press; 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 Donald Trump says the US has begun major combat operations against Iran. Airstrikes have been carried out by Israel and the US, with multiple provinces hit. Iran in turn has fired back at Israel and targeted US bases and assets in the region, including Bahrain, the UAE, Kuwait and Iraq. This comes after weeks of talks failed to produce a fresh agreement on Iran’s nuclear program. OPEC+ will consider the option of a larger supply increase when key members meet on Sunday. This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe. You can also listen at Bloomberg News Now.We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.See omnystudio.com/listener for privacy information.

In Episode 4 of The Sixth Bureau, a series from The Big Take, we follow a spy from China’s Ministry of State Security as he tries to plan a delicate overseas meeting with a valuable source. But the person he’s talking to isn’t working alone. 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 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. Listen to Episodes 1 - 3 here.See omnystudio.com/listener for privacy information.

After US forces captured former Venezuelan President Nicolás Maduro in January, President Donald Trump said the US would “run” the South American country. What’s actually happened since? On today’s Big Take podcast, host David Gura has a sweeping conversation with International Crisis Group senior analyst Phil Gunson, who’s based in Caracas and has tracked Latin American politics for decades. Further listening:  Why Trump Wants Venezuela’s Oil How Venezuela Shifts China’s Calculus The Domino Effect of the ‘Donroe Doctrine’ Hosted by David Gura and Sarah Holder; Produced by Rachael Lewis-Krisky; Edited by Aaron Edwards. 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.