Big Take

On Wednesday, the Federal Open Market Committee cut rates by 25-basis points. It was the scenario a lot of close watchers of the Federal Reserve expected — but what comes after this Fed Meeting is an open question. With President Trump poised to name Chair Jerome Powell’s replacement by early 2026, both markets and the Federal Reserve itself could start to look to Trump’s nominee for guidance. Kevin Hassett has emerged as the front-runner for the role, who currently serves as director on Trump’s Council of Economic Advisers. On Today’s Big Take podcast, Bloomberg Economics’ Chief US Economist Anna Wong joins host Sarah Holder to break down the economic impact of the latest rate cut and what the Federal Reserve could look like next year if Hassett is nominated to succeed Powell. Read more: Fed Cuts Rates With Three Dissents, Projects One Cut in 2026See omnystudio.com/listener for privacy information.

The US tariff war with China sent American companies scrambling to find alternative manufacturing hubs. India looked promising until the White House upended everything.  On today’s Big Take Asia podcast, K. Oanh Ha heads to India, where she goes inside two toy factories scrambling to adapt to Washington’s shifting trade policies. How sky-high tariffs are undercutting India’s ambitions to take China’s crown as the world’s factory floor and forcing American manufacturers to make a tough choice.  Read more: Cutting Ties With China Is Harder Than Companies Expected Further listening: An American Toymaker Struggles to Break Up With ChinaThe American Toymaker Suing Trump Over Destructive TariffsSee omnystudio.com/listener for privacy information.

After last month’s passage of the Epstein Files Transparency Act, the US Department of Justice is on the clock to release an enormous cache of documents related to convicted sex trafficker Jeffrey Epstein. So what could be in the files? And what might the government hold back?  On today’s Big Take, host David Gura is joined by Bloomberg investigative reporter Jason Leopold, who specializes in making government documents public and co-hosts Bloomberg’s Disclosure podcast. They talk through how the release could play out and how to parse the files once they’re available. Subscribe to Jason’s FOIA Files newsletter and Disclosure podcastSee omnystudio.com/listener for privacy information.

Salman Rushdie was nearly killed when he was stabbed 15 times on stage in upstate New York in 2022. His injuries were so severe that he lost an eye. It was an attack that came decades after he was first subjected to death threats over his novel, The Satanic Verses.Once he had recovered, he found he was unable to write fiction. However, after publishing an account of what happened to him, the stories returned, with five brought together in his latest book, The Eleventh Hour.In this conversation with Mishal Husain, Rushdie talks about free speech, the family connection they both share and the places he’s called home, from India to Britain and the US. 02:30 - “Don’t waste your time”04:40 - Writing as a form of optimism05:00 - Starting out as a writer 08:00 - Meeting E.M. Forster as a teenager10:00 - “You write the story to find out what story you’re writing”11:15 - Writing Midnight’s Children 12:46 - The family connection between Salman Rushdie and Mishal Husain14:35 - The women in the family16:00 - Getting together as a family17:55 - Returning to India to write about childhood20:30 - Reclaiming India 22:55 - India today and Prime Minister Modi24:24 - “If you’re paying attention you see things coming”24:50 - The family reacts to Midnight’s Children26:44 - A farewell to India? 28:45 - Before and after the fatwa31:30 - Defending free speech 32:25 - Banning books in the US34:30 - Zohran Mamdani’s campaign38:50 - The next novel 40:25 - “I’m a bit clumsier”Watch this podcast here: https://www.youtube.com/playlist?list=PLe4PRejZgr0Ns_wjGlmjlPz0cded0nTYS You can find the written version of this interview with Mishal’s notes on Bloomberg Weekend: https://www.bloomberg.com/latest/weekend-interview Contact The Mishal Husain Show mishalshow@bloomberg.net Subscribe today on Apple Podcasts and Spotify.See omnystudio.com/listener for privacy information.

News broke overnight that Netflix is acquiring Warner Bros. Discovery in a cash-and-stock deal valued at $82.7 billion.  It’s a deal raising eyebrows in the entertainment industry, from Netflix competitors including Paramount — and reportedly even the White House.  On today’s Big Take, host David Gura sits down with Screentime writer and entertainment reporter Lucas Shaw to discuss the ins and outs of the deal, what we know about how it would impact viewers at home, and the regulatory challenges moving forward.See omnystudio.com/listener for privacy information.

Excel. If you work in corporate America, that word either inspires laser-focused productivity or pure dread. Over the last 40 years, the spreadsheet software has become synonymous with the best — and worst — of late-stage capitalism. It’s seeped into popular culture and, along the way, made Microsoft one of the world’s most valuable companies.But in a world of AI and new competition where Excel=Sum(39+1), can it stay on top? On today’s Big Take podcast, Bloomberg’s Dina Bass and Businessweek’s Max Chafkin join host Sarah Holder to track the rise and challenges ahead for one of the most ubiquitous programs around.See omnystudio.com/listener for privacy information.

Back in October, Bitcoin reached a record high. Just a few weeks later, its price had plunged, taking out over $1 trillion dollars in assets along with it. On Tuesday, it rallied. But dips across the crypto market have left investors and analysts wondering what to make of the swings. On today’s Big Take podcast, Bloomberg executive editor stacy-marie ishmael and host David Gura take the temperature of crypto’s dramatic ebbs and flows over the past few months, from President Trump’s second-term moves to bolster the market to fears of another “crypto winter.” Read more:  Bitcoin Jumps Back Above $90,000 After Bruising Selloff What Does Bitcoin’s Drop Mean? Depends on Who You Ask The 26-Minute, 51% Wipeout That Deepened Trumps’ Crypto Woes See omnystudio.com/listener for privacy information.

Hong Kong’s worst fire disaster in decades has stirred up public anger over negligence, safety standards and official accountability. On today’s Big Take Asia podcast, host K. Oanh Ha talks to Bloomberg’s Shawna Kwan and Jenni Marsh about the devastation, the political fallout and how the public outcry is causing unease in Beijing.See omnystudio.com/listener for privacy information.

On Monday, Trump envoy Steve Witkoff flew to Moscow, while Ukrainian President Volodymyr Zelenskiy visited France. Witkoff is expected to meet with Russian President Vladimir Putin to try and sell him on the latest version of a peace deal, which has Ukrainian input. But after a phone call between Witkoff and a Russian counterpart, Zelenskiy is trying to shore up support among European allies — both to increase pressure on Trump to align with Ukraine and to garner more military support. On today’s Big Take podcast, national security team leader Nick Wadhams unpacks the state of play between Russia and Ukraine, the developments of the last few days  and whether an end to the war could be in sight.  Read more: US Says Ukraine Talks Productive as Witkoff Heads to Russia Witkoff Advised Russia on How to Pitch Ukraine Plan to Trump Witkoff Discusses Ukraine Plans With Key Putin Aide: Transcript See omnystudio.com/listener for privacy information.

Ken Burns has been telling stories about America for almost 50 years. The lauded documentary filmmaker has a new series on PBS, The American Revolution, which charts the period before and after 1776. It will air internationally ahead of the 250th anniversary of the US Declaration of Independence.  Mishal Husain asked Burns to join the show to mark Thanksgiving, looking at today’s America through the lens of its past and the characters who made history. 02:15 -  The complexity of the American Revolution 04:00 - The underdog story  07:15 - The global significance of the American Revolution 13:43 - Mishal Husain’s connection to Lexington Green  16:15 - Why Ken Burns became a filmmaker 17:55 - “My mother’s gift in a funny way was dying” 19:20 - The Ken Burns Effect  20:15 - Hollywood actors as first person narrators  21:25 - Directing Josh Brolin as George Washington 22:00 - Why Tom Hanks didn’t want to be the voice of George Washington 23:00 - Filming reenactments 24:50 - The American Revolution is not over 29:10 Working for PBS, American Public Broadcasting  32:20 What is Ken Burns grateful for on Thanksgiving? Watch this podcast here: https://www.youtube.com/playlist?list=PLe4PRejZgr0Ns_wjGlmjlPz0cded0nTYS You can find the written version of this interview with Mishal’s notes on Bloomberg Weekend: https://www.bloomberg.com/latest/weekend-interview Contact The Mishal Husain Show mishalshow@bloomberg.net Subscribe today on Apple Podcasts and Spotify.  See omnystudio.com/listener for privacy information.

Goldendoodles, bernedoodles, labradoodles, cockapoos, everywhere you look, it seems like doodles — those fluffy, adorable poodle mixes — are taking over sidewalks, cafes and TikTok feeds. But the ubiquity of the muppet-like canines has also come with some doggy drama. On today’s Big Take podcast, host Sarah Holder and producer David Fox head to New Jersey to meet a breeder who’s been navigating the doodle’s rise to fame. And writer Allie Conti examines the discourse around the industry: from its loudest critics to its devoted diehards. Read more: How Doodles Became A Billion-Dollar BusinessSee omnystudio.com/listener for privacy information.

Weeks before the Trump administration is expected to name its pick for the next US Federal Reserve chair, current White House economic adviser Kevin Hassett leads a group of five finalists. Whoever prevails will have the significant job of guiding the US through challenging economic times, while balancing the Fed’s long-standing independence against a hands-on president. On today’s Big Take podcast, Bloomberg Fed reporters Amara Omeokwe and Enda Curran join David Gura to discuss what the leading candidates bring to the job. Read more: Hassett Emerges as Frontrunner in Trump Fed Chair AuditionSee omnystudio.com/listener for privacy information.

After a rare public comment on Taiwan from Japan’s new prime minister, Sanae Takaichi, relations between the two nations are at a historic low — and Beijing is ramping up its economic retaliation. On today’s Big Take Asia podcast, host Oanh Ha talks with Bloomberg’s James Mayger and Isabel Reynolds about the political calculation behind Takaichi’s move, the historical grievances fueling the dispute and the real economic risks facing Tokyo. Read more: China Asks Airlines to Extend Japan Flight Cuts Until March 2026 - Bloomberg Further listening: How APEC Become a Battleground for US-China InfluenceSee omnystudio.com/listener for privacy information.

On Monday, a federal judge threw out the criminal cases filed by the Department of Justice against former FBI director James Comey and New York Attorney General Letitia James. When President Trump took office in January, he made it clear that retribution against his perceived political enemies was a key part of his second-term agenda.  The cases against Comey and James were a high profile part of that strategy, and the White House does not seem inclined to accept this outcome. On today’s Big Take podcast, host Sarah Holder is joined by Bloomberg senior national political reporter Nancy Cook and Department of Justice reporter Chris Strohm to discuss the stakes of the Comey and James cases, the role the DOJ has played in carrying out Trump’s second-term agenda — and what to expect next.See omnystudio.com/listener for privacy information.

Under new pressures over inflation and affordability, President Donald Trump has been talking up a plan to share tariff revenues with Americans, in the form of $2,000 checks. But there are several major problems with this plan — and he’s lacking support among some of his most ardent allies. On today’s Big Take episode, host Sarah Holder is joined by Bloomberg senior national political reporter Nancy Cook and US Treasury reporter Dan Flatley to discuss how Trump’s latest proposal fits into the economic  debate that could define midterm elections – and how the Supreme Court, the Republican party and Trump’s own cabinet could throw a wrench in his plans. Read more:  Trump’s $2,000 Tariff ‘Dividend’ Marks Throwback to Covid Checks Trump’s $2,000 Tariff Check Idea Draws Republican Resistance See omnystudio.com/listener for privacy information.

Stanford University Professor Fei-Fei Li has been at the forefront of artificial intelligence research for 25 years, which is why she’s been called the “godmother of AI.” In this conversation she tells Mishal Husain how she arrived in the US as a teenager after her parents decided to emigrate from China. She also talks about the high school teacher who inspired her and a deep love of physics, leading her to ask what she calls “audacious” questions. These days, amid her excitement about AI and its potential, she also is focused on what humans must do to build safeguards, and has a message for parents, too.  02:50 -  AI is a “civilizational technology”04:15 - “Technology is a double-edged sword”05:45 - Being a tech CEO and an academic06:45 - Falling in love with physics08:00 - What is intelligence?08:40 - Finding my first North Star 09:45 - Fei-Fei Li’s two key breakthroughs14:52 - Moving from China to the US at 1515:48 - Running the family shop taught me resilience17:30 - “I wasn’t curious about nightclubs”18:20 - My inspirational teacher 22:20 - “China is a powerhouse in AI”23:00 - Creating 3D worlds with AI27:20 - AI and the jobs market28:40 - Are humans going to be replaced? 31:00 - “The machine overlord”32:45 - What should parents tell their children? 34:40 - The AI bubble36:00 - Powering the big data centres AI needs37:20 - “I’m not a tech utopian or a dystopian”38:00 - “My one worry is our teachers”39:20 - “I’m conscious of my responsibility”41:28 - Fei-Fei Li believes in timeless human values42:00 - “My favourite book these days is Harry Potter”Watch this podcast here: https://www.youtube.com/playlist?list=PLe4PRejZgr0Ns_wjGlmjlPz0cded0nTYSYou can find the written version of this interview with Mishal’s notes on Bloomberg Weekend: https://www.bloomberg.com/latest/weekend-interviewSee omnystudio.com/listener for privacy information.

Oxford University has repeatedly been slow to act when confronted with allegations of harassment, assault and inappropriate behavior by male academics, a new Bloomberg investigation has found. Katherine Griffiths, the city editor of Bloomberg’s London bureau, spoke to dozens of academics, staffers and women who have studied at Oxford to understand how the storied institution has handled misconduct concerns — and why it lags behind its peers. On this episode of the Big Take podcast, she shares her findings about the barriers to addressing misconduct at Oxford, and the lasting consequences for women. Read more: Oxford University Has Failed Women Over Harassment Concerns, Staff SaySee omnystudio.com/listener for privacy information.

Nvidia released its third quarter earnings Wednesday, crushing estimates and easing Wall Street’s concerns about an AI bubble. On today’s Big Take podcast, Bloomberg Tech’s Ed Ludlow sits down with David Gura to discuss his post-earnings interview with Jensen Huang – what the Nvidia CEO had to say about the company’s breakneck growth, so-called circular deals, and potential expansion into China. Read more: Nvidia’s Huang Says Company Has Plenty of New Chips to Sell It's OK, Nvidia Says There's No AI Bubble See omnystudio.com/listener for privacy information.

After a period characterized as “low-hire, low-fire,” the American labor market is seeing a surge of layoffs from companies like Amazon, Starbucks, UPS and Target. And that’s pushing more job applicants towards traditionally less-desirable occupations, like substitute teaching, traffic flagging and waste management.  Today on the Big Take, Sarah Holder is joined by economic reporter Mike Sasso to discuss what’s happening in this often-overlooked corner of the labor market and what it means for the economy overall. Read more: The Job Market Is Heating Up — for Jobs That People Usually Don't WantSee omnystudio.com/listener for privacy information.

China is investing heavily in cutting-edge genetic experiments. It’s part of their quest to become a biotech superpower. On today’s Big Take Asia Podcast, host K. Oanh Ha, Bloomberg’s Karoline Kan and Oxford University geneticist Andy Greenfield discuss China’s pharmaceutical ambitions and the loose regulatory environment that allows the animal testing industry to thrive. Read more: China Pushes Boundaries With Animal Testing to Win Global Biotech RaceSee omnystudio.com/listener for privacy information.