Bloomberg Businessweek

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. US economic activity continued to increase at a slight-to-modest pace across most regions as the war with Iran generated a new wave of uncertainty and higher energy costs, the Federal Reserve said. Price growth remained moderate overall, but energy and fuel costs rose sharply in all 12 Fed districts, the central bank reported in its Beige Book survey of regional business contacts released Wednesday. “The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making around hiring, pricing and capital investment, with many firms adopting a wait-and-see posture,” the Fed said. The report featured information compiled by the New York Fed and collected through April 6, capturing the early effects of the war on the US economy.The report also noted that price pressures were bleeding beyond energy. “Energy and fuel costs rose sharply in all districts, attributed to the Middle East conflict, leading to higher freight and shipping costs and higher prices for plastics, fertilizers and other petroleum-based products,” the Fed said. “Input cost pressures beyond energy-related increases were also widespread.” The oil shock spurred by the conflict has sent gasoline prices in the US to their highest level since 2022, leading US inflation to jump in March. Several Fed policymakers have signaled a preference to keep borrowing costs steady for quite some time while they evaluate the economic data. Officials are expected to leave their benchmark rate unchanged when they meet on April 28-29, according to pricing in futures contracts. Today's show features: See omnystudio.com/listener for privacy information.

As credit card companies with lofty fees compete for affluent consumers, the hottest new perks are wearable devices for tracking health, fitness and sleep. After lifting annual dues for their top-tier cards, JPMorgan Chase & Co. and American Express Co. rolled out typical benefits like hotel, dining and travel credits. But there were also more unexpected bonuses: American Express added a $200 credit toward an Oura Health Oy smart ring to the Platinum Card, while Chase included a $359 rebate for Whoop Inc.’s fitness bands for Sapphire Reserve holders. The promotions are generating results, pushing users to sign up for the latest credit cards and join the wearables craze for the first time. Cam Baker, Bloomberg News Breaking News Editor discusses with Bloomberg's Carol Massar and Tim Stenovec. See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bank results so far show that private credit woes remain contained, with executives offering words of calm for nervous investors. First, there are no big red flags in the aggregate credit loss provisions from the four big banks that have reported so far, including Wells Fargo. The measure, where stress typically starts to show, is tracking higher for some lenders -- for instance, Goldman attributed the increase to “growth and impairments related to wholesale loans,” yet the overall number remains very modest compared to peers. Citi’s worse-than-expected provisions were tied to US consumer card losses and a firmwide reserves build amid the uncertain macro environment, but its measure is only the highest since 2Q 2025. That has also been offset by JPMorgan’s lower-than-estimated provisions. Taken altogether, the combined bad debt forecast tally is so far smaller than feared for the quarter and more modest than it was during the same period last year. Banks went further to disclose at least $100 billion of specific exposure to private-credit firms, with Citi saying that it’s had zero losses over the life of the portfolio. Its executives noted on the call that the bank has strong protections in place, including a prudent approach to reserves, which it continues to constantly stress test. For his part, JPMorgan CEO Dimon said he’s “not particularly worried” about private credit after the bank disclosed a $50 billion exposure. Goldman CEO David Solomon also defended the industry on Monday. The remarks and moderate credit provisions so far should give investors some comfort that strains from private credit remain limited so far -- something that other parts of the credit market have been signaling as well. Today's show features: See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. CraftCo CEO Ali Anderson joins Tim Stenovec and Emily Graffeo to discuss her brands diverse portfolio of innovative craft spirits including celebrating a big anniversary for its Magnus Cigar Blend whiskey. See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump said Iran reached out to his administration over peace negotiations, as the US began a naval blockade of the Strait of Hormuz in the war’s seventh week.Even as Trump sought to jawbone negotiations back on track, there were few signs that was taking place after weekend negotiations failed in Islamabad. Iran blamed the collapse of talks on the US and Tehran has not confirmed further discussions on Monday. “We’ve been called this morning by the right people, the appropriate people, and they want to work a deal,” Trump said at the White House, without elaborating on who participated in the conversation. Trump spoke hours after the US moved to cut off vessels from transiting the vital waterway to and from Iranian ports and coastal areas, which could further inflame tensions amid the global energy crisis. The US president once again claimed that negotiations had failed due to Iran’s insistence on maintaining a nuclear program. Trump said he was “sure” Iran will eventually agree to abandon nuclear ambitions, and reiterated there would be no deal without that concession. This episode features: See omnystudio.com/listener for privacy information.

Sports-focused private equity firm 154 Partners, backed by Blackstone Inc. veteran David Blitzer, wrapped up fundraising for its debut vehicle with $400 million. The firm hit its hard fundraising cap, according to a statement Wednesday from 154 Partners, which makes investments on the lower end of the middle market. Blitzer, who previously led Blackstone’s Tactical Opportunities unit, is a member of 154 Partners’ investment committee along with co-founders Isaac Harrouche and Mike Berlin, who both worked with him at Tac Opps. Harrouche and Berlin launched 154 Partners last year to back smaller, family- or operator-owned companies in sports, live events, residential services and business services. 154 Partners co-founders Isaac Harrouche and Mike Berlin join to discuss the round of funding and where in the sports space they're looking to invest. They speak with hosts Tim Stenovec and Emily Graffeo, in for Carol Massar. See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump ramped up pressure on Iran as Vice President JD Vance traveled to Pakistan for talks to end the war, with Israeli airstrikes in Lebanon and the Strait of Hormuz’s effective closure looming over diplomatic efforts. Trump posted on social media Friday that Tehran’s only leverage is “short term extortion of the world by using International Waterways” — a reference to Hormuz, a critical shipping lane for oil and natural gas that remains largely shut, raising global energy prices. Trump declared that the “Iranians don’t seem to realize they have no cards.” While the two-week ceasefire was broadly holding across the Middle East, the situation with the strait and continued fighting between Israel and Hezbollah in Lebanon threatened to complicate negotiations due to begin over the weekend in Islamabad. Iranian Parliament Speaker Mohammad-Bagher Ghalibaf insisted in a social media post that a ceasefire in Lebanon is one measure that “must be fulfilled before negotiations begin.” The other is the “release of Iran’s blocked assets,” he added, without being more specific. This episode features: Hosted by Tim Stenovec and Emily Graffeo, in for Carol Massar See omnystudio.com/listener for privacy information.

Of all the prevailing media narratives around Gavin Newsom, the one that is most conspicuous by its absence is how under its two-term governor California became the top performing economy not just among its 49 siblings but also any developed nation. No wonder Elon Musk quietly sought Newsom’s help when the world’s richest man sought to move a bunch of Tesla Inc. engineers back to the state after relocating them to Texas. Amid the thousands of headlines referencing California failings with wildfires, droughts, floods, mass transportation, aging roads, education, homelessness, unaffordable housing, widening inequality and poverty along with the exodus of billionaires, corporate headquarters and longtime residents -- never mind the “slick” label whenever the betting favorite for the 2028 Democratic presidential nomination is mentioned in the press – the Golden State (population 39 million people), just supplanted Japan (123 million) as the fourth-largest economy. Matthew Winkler, Bloomberg News Editor-in-Chief Emirtus discusses how California's economy has grown faster than either China or Germany... And picking up steam. See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Intel Corp., trying to promote the use of its technology in data centers, said Alphabet Inc.’s Google has committed to using future generations of its Xeon processors and other chips. As part of the multiyear agreement, announced Thursday, the search engine giant will customize Intel’s IPUs, or infrastructure processing units. These chips handle functions such as networking, security and storage. The companies didn’t disclose financial details or purchase commitments. The deal is part of a push by Intel to better capitalize on the build-out of artificial intelligence infrastructure. Getting a bigger slice of data center spending is critical to a comeback bid under Chief Executive Officer Lip-Bu Tan.Intel’s stock rose as much as 3.6% in New York trading, adding to a rally of about 20% this week. The shares have also benefited from an announcement that the chipmaker will help Elon Musk’s long-shot effort to develop semiconductors for Tesla Inc., SpaceX and xAI. Xeon once commanded a market share of more than 99%, making it the chief source of profit for what was then the world’s largest semiconductor maker. In the last few years, Intel has lost ground to rivals such as Advanced Micro Devices Inc. and in-house efforts by customers — including Google. One trend is working in Intel’s favor: Central processing units, its hallmark product, are increasingly seen as critical to artificial intelligence computing. Though Nvidia Corp.’s AI processors are still the workhorses of this infrastructure, there’s growing demand for general-purpose CPUs to help everything run smoothly. Today's show features: See omnystudio.com/listener for privacy information.

Following Bloomberg Intelligence's list of 50 Companies to Watch in January, Tim Craighead, Bloomberg Intelligence Senior European Strategist and Director of Research-Content discusses 10 names you should know—for better or worse—in the second quarter. Bloomberg Intelligence analysts have identified the most interesting names from their group of high-confidence Focus Ideas. Spanning sectors and regions, each scenario outlines a catalyst in the next few months that supports our case. See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. A growing number of Federal Reserve officials worried the Iran war could further stoke inflation and wanted to make clear following their March meeting that the central bank may have to consider raising interest rates. Minutes of the Federal Open Market Committee’s March 17-18 meeting, released Wednesday in Washington, showed policymakers wrestled with starkly differing scenarios for the US economy following the outbreak of the Iran war, and the policy reactions that might follow. Most officials worried a protracted war could hurt the labor market and warrant lower interest rates. At the same time, many policymakers highlighted the risk to inflation that might ultimately warrant rate increases. Officials in the latter camp appeared to become more strident, urging their colleagues to consider adding language to their post-meeting statement that raised the scenario of hiking rates under certain conditions. “Some participants judged that there was a strong case for a two-sided description of the committee’s future interest-rate decisions in the post-meeting statement, reflecting the possibility that upward adjustments to the target range for the federal funds rate could be appropriate if inflation were to remain at above-target levels,” the minutes said. Echoing those concerns, the minutes noted the “vast majority” of officials thought it may take longer to return inflation to the Fed’s 2% goal. At the meeting, officials held the Fed’s benchmark policy rate in a range of 3.5% to 3.75% at that gathering. Today's show features: See omnystudio.com/listener for privacy information.

DraftKings and FanDuel are thriving—but lax regulations, understaffed “responsible gambling” departments, and lack of resources for gambling addicts can make sports betting platforms uniquely insidious. For many users, this new 'vice' has cost them thousands, sometimes millions, while other profit. Danny Funt, Sports Journalist and author of 'Everybody Loses: The Tumultuous Rise of American Sports Gambling' discusses the unsettling truth about America's sports betting boom and how it can cost people everything they have. See omnystudio.com/listener for privacy information.

The US and Iran agreed to a two-week ceasefire that’s expected to halt the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz. President Donald Trump announced the agreement Tuesday on social media hours after Pakistan, a mediator in talks, implored the US leader to back off his deadline to unleash massive devastation on Iran if it did not meet his demands. The deal buys time for the two sides to reach a longer agreement to end the six-week-old war, which has killed thousands of people and sparked a global energy crisis. Trump said he had agreed “to suspend the bombing and attack of Iran for a period of two weeks” as long as Iran agrees to “the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.” For instant reaction and analysis, Bloomberg Radio host Doug Krizner speaks with: Bloomberg State Department and Foreign Policy Reporter Eric Martin Bloomberg This Weekend co-host Christina Ruffini Bloomberg White House and Washington correspondent Jeff Mason Terry Haines, founder of Pangea Policy Daniel Byman, Director of the Warfare, Irregular Threats, and Terrorism Program at the Center See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump has threatened “all Hell” will rain down on Iran if it doesn’t agree to a ceasefire that reopens the Strait of Hormuz by 8 p.m. Eastern time on April 7. Is this a bluff intended to push Tehran to the negotiating table, or a credible threat? With the deadline nearing, Iran rejected the latest US proposal for a deal to end the war and continued regional strikes. Trump intensified his threats — warning a “civilization will die tonight” — and the US reattacked Iran’s Kharg island. Further escalation appears more likely than negotiations. That’s consistent with our base case that the war will see a sharp escalation followed by a shift to lower-intensity fighting. Treasuries fell amid mounting oil prices in the run-up to US President Donald Trump’s late-Tuesday deadline for Iran to agree to terms for ending American attacks. The declines lifted yields by as much as five basis points, with long-maturity tenors rising most. Ten- and 30-year yields reached session highs against an array of conflicting signals about whether Trump’s threats of mass destruction are likely to come to pass. Oil prices — a principal driver of Treasury yields since the US assault on Iran began Feb. 28 — rose, US benchmark West Texas Intermediate crude futures by as much as 4.6% from Monday’s multi-year high close. Yields reached year-to-date highs in late March as energy prices mounted, however they retreated from those levels amid mounting fears the oil shock will hit economic growth. Today's show features: See omnystudio.com/listener for privacy information.

Meet Mrs. Meyers: the 93-year-old woman who gave birth to nine children in ten years and inspired a legacy line of household cleaning products. One of her children decided to reinvent the tired, toxic, and boring category of household cleaning products by creating her own competition, in her mother's inspiration. Monica Nassif, is founder of Mrs. Meyer's Clean Day and author of the new book, 'I Bottled My Mother: The Mrs. Meyer’s Story: Grit, Grime & Growing a Business'. She discusses tips of building a startup, the challenges of raising money as a woman in business, and daily meditations from Mrs. Meyers. See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump ramped up his threats ahead of a deadline he’s imposed for Iran to re-open the Strait of Hormuz or face further attacks on civilian infrastructure, while Tehran rejected a ceasefire proposal. “The entire country can be taken out in one night, and that night might be tomorrow night,” Trump said in a press conference Monday at the White House, in an apparent reference to his ultimatum to Iran that expires at 8 p.m. on Tuesday. “Every bridge in Iran will be decimated, by 12 o’clock tomorrow night,” Trump said. “Every power plant in Iran will be out of business, burning, exploding and never to be used again,” he added, noting that “it’ll happen over a period of four hours, if we wanted to. We don’t want that to happen.” Trump told reporters earlier on Monday that it was “highly unlikely” that he’d move the deadline again. Iran, meanwhile, reportedly passed to mediator Pakistan a rejection of a ceasefire proposal. The regime demanded a permanent end to the war, lifting of sanctions, and reconstruction efforts, in addition to protocol for safe passage through Hormuz, according to the state-run Islamic Republic News Agency. The rejection is the latest blow to efforts to end the month-long war that has triggered a global energy crisis. US allies are reportedly pressing for a last-minute deal with Iran, as Trump extended his deadline to Tuesday for Tehran to reopen the vital waterway. Trump during his press conference noted that free traffic of oil in Hormuz must be part of any deal to end the war. Today's show features: See omnystudio.com/listener for privacy information.

Capitalism For All: Inclusive Economics and the Future-Proofing of America by John Hope Bryant presents a revolutionary framework for rebuilding American prosperity through economic inclusion rather than division. As the founder and CEO of Operation HOPE, America's first non-profit social investment banking organization, and a former vice-chairman of the President's Advisory Council on Financial Literacy, Bryant brings decades of frontline experience empowering underserved communities. This book addresses America's growing economic inequality and social fragmentation by demonstrating how inclusive capitalism – not exclusionary policies – can restore the middle class, revitalize the American Dream, and maintain our position as the world's leading economy. John Hope Bryant joins Bloomberg Businessweek to discuss how expanding rather than contracting our middle class strengthens national security and economic competitiveness and how inclusive economics positions America as a beacon of opportunity and strengthens our international influence. See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

On this episode of Stock Movers: - Nike (NKE) shares slid as much as 14%, to the lowest level since Feb. 2015, after the sportswear company forecast a revenue drop of as much as 4% for the fourth quarter, and warned sales declines could persist for the rest of this calendar year. - Echostar (SATS) shares rose as much as 7.7% as SpaceX is said to target $2 trillion IPO valuation. - Lumentum Holdings (LITE) jumps 8.8%. Lumentum, fresh off a blockbuster first quarter during which the stock rose 84% and the company claimed a spot in the S&P 500, was up more than 11.7% at its intraday high. Lumentum has benefitted from an acceleration of hyperscaler capital spending See omnystudio.com/listener for privacy information.