Bloomberg Businessweek

Bloomberg's Tom Keene and Jonathan Ferro discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Federal Reserve officials left interest rates unchanged and continued to expect one rate cut this year as they acknowledged increased uncertainty due to war in the Middle East. Chair Jerome Powell emphasized that to resume lowering rates, officials would have to see progress in reducing inflation, especially goods inflation that has been boosted by tariffs. See omnystudio.com/listener for privacy information.

There’s been a lot of negative media around “private credit,” but most of that conversation is focused on leveraged corporate lending. Real estate credit is a different market — loans are asset-backed and underwritten to hard collateral. We’re in the middle of a significant housing shortage in the U.S., particularly in major urban markets like New York. That structural demand continues to support new housing development and well-located multifamily assets. There’s increasing attention from policymakers around housing affordability and supply, including proposals from figures like Zohran Mamdani. Regardless of the political approach, there’s broad recognition that more housing needs to be built and that capital will be needed to support that supply. Ran Eliasaf is Founder and Manager Partner of Northwind Group, an institutional real estate credit platform focused on lending and structured financing for commercial real estate and healthcare assets. Since its founding in 2008, the firm has transacted on more than $9 billion of real estate across over 400 properties and originated approximately $4 billion of loans secured by more than 300 properties, with zero principal losses across its debt investments to date. Ran speaks with Bloomberg's Carol Massar and Tim Stenovec. See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene and Jonathan Ferro break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. See omnystudio.com/listener for privacy information.

Regenerative Social Finance (RSF) is an impact-first financial services organization. They offer investment notes, donor-advised funds, and loans to mission-driven organizations to mobilize money to have a positive social and environmental impact. They have invested in healthier food systems, whole-child education, cleaner climates, stronger communities, and more. Kathleen Paylor is Vice President of Impact Investing and Philanthropy at Regenerative Social Finance (RSF), where she works with investors to align financial returns with measurable social and environmental impact. She speaks on how women and high-net-worth investors increasingly rethinking how they allocate capital 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. Iran has stepped up attacks on Saudi Arabia in recent days, signaling it’s targeting the oil-rich kingdom more aggressively than earlier in the war. Tehran launched almost 100 drones at Saudi Arabia on Monday, far above the previous daily average of less than 25, according to data released by the Saudi defense ministry. The barrage marked the largest single-day strike on the country since the war began. The surge started last week and has since intensified, with attacks increasingly concentrated on the kingdom’s eastern province, home to major oil infrastructure. The escalation underscores Iran’s ability to destabilize the wider Gulf, threatening shipping lanes — particularly the vital Strait of Hormuz — and energy facilities. Iran is relying more heavily on drones than missiles as the conflict drags on. Drones typically carry smaller payloads than ballistic or cruise missiles and tend to cause less destruction, though they can still inflict significant damage depending on the target. Their relatively low cost and ability to be launched in large numbers make them a persistent challenge for air-defense systems. Launches have declined since the start of the war, but that doesn’t mean Tehran is running short of weapons. Despite US and Israeli strikes on stockpiles, launchers and drone factories, Iran remains able to sustain attacks. Today's show features: See omnystudio.com/listener for privacy information.

Oura said it is acquiring Helsinki-based Doublepoint Technologies Oy, which specializes in technology that allows users to control wearable devices with small hand movements using a combination of artificial intelligence and biometric data. The purchase will guide future versions of Oura’s smart rings, where hand gestures could play a central role to the experience, along with possibly voice control. Holly Shelton, Oura Chief Product Officer, speaks on why most health technology was not designed with women’s bodies in mind and why is it so important to build health products specifically for women? 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. Nvidia, the company at the center of an explosive build-out of AI computing, expects to generate at least $1 trillion from its Blackwell and Rubin chips through the end of 2027.The company had previously forecast that the chips would bring $500 billion in sales by the end of 2026. The latest forecast, delivered by Chief Executive Officer Jensen Huang during the company’s GTC event, extends the outlook. The forecast underscores the scale of Nvidia’s business, which has been supercharged by demand for chips that develop and run AI models. But the cumulative figure doesn’t suggest a tremendous acceleration in sales growth. After initially rising as much as 4.8%, the shares soon pared their gains on Monday.A flood of spending on AI chips has turned Nvidia into the world’s most valuable company. But investors have sought more evidence that the market’s growth remains on track. Nvidia is also facing mounting competition from rivals like Advanced Micro Devices Inc., as well as its own customers attempting to produce in-house chips to handle AI. The company has accelerated its technology development in recent years. Nvidia tries to replace its entire product lineup on an annual basis while adding new components. The next design of its flagship AI processors, appearing in systems in the second half of 2026, is called Vera Rubin. The lineup is named for the pioneering astronomer whose observations provided evidence supporting the existence of dark matter. Today's show features: See omnystudio.com/listener for privacy information.

You've probably heard of the pink tax—that additional price women pay to exist in the same world as men. Now meet the double tax, the compounded cost of racism and sexism or the pink tax and then some.The Double Tax dares to ask why it’s so expensive to be a woman in America and why it doesn’t have to be this way. In The Double Tax, Harvard researcher Anna Gifty Opoku-Agyeman summarizes the disparities that women face as they navigate life’s biggest moments. Not only do the numbers reveal that women incur higher costs than men, but also that Black and white women lead vastly different lives, marked by dramatic gaps in job opportunities, salaries, housing costs, childcare access, and generational wealth. She coins this gap as the “double tax,” the compounded cost of racism and sexism. She speaks with Bloomberg's Carol Massar, Tim Stenovec, and Norah Mulinda. 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. A federal judge rejected as improper Justice Department subpoenas issued to the Federal Reserve Board seeking records relating to its renovations of its headquarters and Chair Jerome Powell’s comments to Congress about the project. US District Judge James Boasberg said the government had advanced no evidence to justify the subpoenas and said they clearly reflected an “improper motive” of retaliating against Powell over policy differences. Jeanine Pirro, who leads the US Attorney’s Office for the District of Columbia, called the ruling wrong and said they would appeal the decision. The White House didn’t immediately respond to a request for comment. The Fed declined to comment. “A mountain of evidence suggests that the government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning,” Boasberg said. “On the other side of the scale, the government has produced essentially zero evidence to suspect Chair Powell of a crime; indeed, its justifications are so thin and unsubstantiated that the court can only conclude that they are pretextual.” DOJ issued subpoenas to the Fed in January threatening a criminal indictment, Powell said at the time. The subpoenas are related to the Fed’s ongoing $2.5 billion renovation of its headquarters in Washington and testimony Powell provided about the construction before the Senate Banking panel last year. Powell, in an unusually forceful video response to the subpoenas, characterized the investigation as motivated by the Fed refusing to set interest rates according to the preferences of President Donald Trump. Kevin Warsh, a former Fed governor, has been nominated by Trump to replace Powell when the latter’s term as chair ends in May. North Carolina Republican Thom Tillis, a member of the Senate Banking Committee, has vowed to block any Fed nominations as long as the DOJ investigation of Powell remains unresolved. Tillis reiterated that commitment this week. Today's show features: See omnystudio.com/listener for privacy information.

Today the world of private equity and credit is a rancid pool of conflicts and illegality that cannot possibly be seen as superior to public markets. Private equity executives even enjoy special tax provisions from Congress for "carried interest" to reward them for their efforts in soaking investors. Advocates of private schemes like crypto tokens, which are explicitly not considered securities, buy and sell Members of Congress like chattel. Chris Whalen, former banker and risk analyst weighs in on the latest concerns in private credit on the back of this week’s headlines including JPMorgan Chase restricting some lending to private credit funds after marking down the value of certain software-linked loans in its portfolios. AS well as Morgan Stanley and Cliffwater capping withdrawals from their private credit funds 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. Iran’s new supreme leader said the Strait of Hormuz should remain shut and Tehran will look to open other fronts in the war if the US and Israel persist with their attacks. In his first public comments since succeeding his father at the weekend, Mojtaba Khamenei said the Islamic Republic would seek to ensure the critical waterway for oil and gas stays effectively closed — maintaining a choke on supplies that’s triggered a surge in global energy prices. His statement — published on state media on Thursday — came as US President Donald Trump said preventing Iran from having nuclear weapons and being a threat to the Middle East is “of far greater interest and importance to me” than the cost of oil.The defiance shown by both leaders indicates that the war in the Middle East isn’t close to a de-escalation after almost two weeks of fighting. Israel launched a fresh wave of large-scale strikes across Iran on Thursday, while the Islamic Republic stepped up attacks on Dubai and shipping assets. Today's show features: See omnystudio.com/listener for privacy information.

WWE Superstar Charlotte Flair (Ashley Fliehr) has joined Self-Care Is For Everyone (SCIFE) as the brand’s first Angel Investor and official Brand Champion. Ashley’s investment will directly fund SCIFE’s expansion from a viral apparel-led advocacy brand into a multi-platform mental health media and product company. For Ashley, this investment is deeply personal — as an elite performer who has navigated the pressures of global visibility, injury, reinvention, and resilience, she believes mental strength and emotional well-being are foundational to long-term success. Backing SCIFE is her commitment to normalizing self-care conversations and ensuring mental health support is accessible, aspirational, and stigma-free for the next generation. She speaks with Bloomberg's Carol Massar and Norah Mulinda. 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 key measure of US inflation was tame at the start of the year. But another metric is shaping up to paint a very different picture.Wednesday’s report on the consumer price index showed core inflation, which excludes food and energy costs, was mild in both January and February — a pleasant surprise as companies tend to raise prices at the turn of the year. Yet economists expect another gauge, one preferred by the Federal Reserve and set for release on Friday, was probably rather strong in both months. The fact that the personal consumption expenditures price index has been outpacing the CPI is already unusual. Typically it’s been the other way around, as a higher weighting on housing costs in the CPI tends to keep that measure relatively elevated. Now the wedge appears to be deepening. Should the core PCE rise 3.1% in the year through January as economists expect, it would exceed the annual core CPI by one of the widest margins in decades. The divergence began before the Iran war, which has sent oil prices sharply higher and renewed risks of a broader acceleration in inflation. That puts the Fed in a tough spot. While policymakers are broadly expected to leave interest rates unchanged next week, a sustained pickup in price pressures would make it difficult for officials to justify resuming rate cuts in coming months to shore up a fragile labor market. The PCE price index, a product of the Bureau of Economic Analysis, draws from the CPI for several price categories. In the wake of the latest CPI data, economists were quick to boost their forecast for the February core PCE price index, which is due April 9. Several projected it would rise 0.4% for a second month, with some penciling in a bigger pickup. Today's show features: See omnystudio.com/listener for privacy information.

The son of Ayatollah Ali Khamenei will become Iran’s next supreme leader, Iran’s semi-official Fars news agency announced, taking over after his father was killed in an attack by the US and Israel. Mojtaba Khamenei, 56, is the third person to lead the Islamic Republic and the first example of hereditary succession since the overthrow of the Pahlavi monarchy in the 1979 revolution. Iran’s Assembly of Experts elected the country’s next supreme leader in a “decisive vote,” according to Fars. The vote took place hours before the result was made public. Alex Vatanka, Middle East Institute Senior Fellow, joins Bloomberg Businessweek Daily to discuss Mojtaba Khamenei's ascent and what it means for Iran and global relations. 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. Energy markets whipsawed for a second consecutive day as investors raced to interpret rapidly shifting comments from the Trump administration over the war in Iran. Oil prices plummeted after Energy Secretary Chris Wright erroneously posted — and then deleted — a message that the US Navy had escorted an oil tanker through the Strait of Hormuz, only for White House Press Secretary Karoline Leavitt to subsequently concede no such operation had occurred. But, the spokeswoman said, the US military was “drawing up additional options” to address any attempt by Iran to constrain trade through the vital artery. Later Tuesday afternoon, President Donald Trump posted his own flurry of messages on social media. First, Trump insisted the US had “no reports” of mines being placed, but then urged Iranian forces to remove any explosives they may have laid. Next, Trump said the US was “using the same Technology and Missile capabilities deployed against Drug Traffickers” to target mining ships. Minutes later, the president reported that the US had “hit, and completely destroyed, 10 inactive mine laying boats” and promised “more to follow.” Today's show features: See omnystudio.com/listener for privacy information.

As fans of FX’s new limited series, Love Story: John F. Kennedy Jr. & Carolyn Bessette search for real-life versions of the characters' wardrobes, they're running into roadblocks. According to Google Trends, searches for “Calvin Klein 90s” shot up 850% in the US the week Love Story premiered. When customers found more fleece joggers and graphic tees on its website than the sleek basics they were looking for, some turned to secondhand sellers. PVH Corp., the apparel conglomerate that bought the Calvin Klein brand from the designer of the same name in 2003, declined to comment on its CBK strategy—or lack thereof—citing a quiet period ahead of its next earnings release. Dina Katgara, Bloomberg News Consumer Reporter, joins Bloomberg Businessweek Daily to discuss. She speaks with 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. President Donald Trump made an emphatic declaration on Friday about his intentions in the widening Middle East war: He’d accept no deal with Iran other than “unconditional surrender” and pledged the US “will work tirelessly” to restore the country’s economy if a new leader is installed whom he deems acceptable.Nearly a week in, the military campaign has sent oil prices soaring and roiled equity and bond markets across the globe. The online missive showed the president — who campaigned as a pro-peace candidate — is digging in on policies that threaten to tear his fragile political coalition apart. The revolt of “Make America Great Again” influencers including Tucker Carlson, Megyn Kelly and Marjorie Taylor Greene, along with several GOP politicians, has produced a chorus of betrayal. “No one should have to die for a foreign country,” Kelly said on her radio show this week. Their backlash comes after Trump has already tested his base’s loyalty with an earlier strike on Iran and an operation in Venezuela to capture Nicolas Maduro that represent the kind of military adventurism he’d built his political career on rejecting, as well as his handling of the Epstein files, which frustrated some MAGA devotees who expected the swift and full transparency he promised. At the same time, the Iran campaign risks alienating the more-casual Trump voters who cast a ballot for him hoping he’d shore up the economy, and see Middle East conflict as a distraction — or even a hindrance. Gasoline prices this week rose to their highest level at any time during a Trump presidency. Today's show features: 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. Oracle Corp. and OpenAI have scrapped plans to expand a flagship artificial intelligence data center in Texas after negotiations dragged over financing and OpenAI’s changing needs. The collapsed talks created an opening for Meta Platforms Inc. to step in and consider leasing the planned expansion site in Abilene, Texas, from developer Crusoe, according to people familiar with the matter. Nvidia Corp., the leading AI chipmaker, helped facilitate Meta’s discussions with the developer, said the people, who asked not to be identified because the talks are private. The shifting plans underscore the complexity of building out AI data centers, which are expected to cost in the tens of billions of dollars and require cooperation from a wide swath of partners. The campus being developed by Crusoe in Abilene is part of the highly publicized Stargate project, which was announced last year at the White House with President Donald Trump. While the 1,000-acre site continues to be built, and several parts are up and running, Oracle and OpenAI elected not to go forward with tentative plans to lease a large expansion, the people said. Oracle and OpenAI are using Nvidia’s AI semiconductors at the Stargate site. With Crusoe seeking a tenant, Nvidia became involved to ensure its products would still fill the expanded data center rather than that of rival Advanced Micro Devices Inc., said the people. Nvidia paid a $150 million deposit to Crusoe and began helping court Meta as a tenant for the expansion, the people said. Today's show features: See omnystudio.com/listener for privacy information.