Big Take

America is in the midst of a historic housing crisis, with record homelessness levels and a nationwide shortage of affordable housing. Addressing this crisis is the purview of the Department of Housing and Urban Development, the federal agency tasked with making sure Americans have a safe, affordable place to live.

Today on the show, The Big Take’s Sarah Holder on her recent trip to meet with HUD Secretary Scott Turner, a former NFL cornerback and Texas state representative. Turner came into office pledging to help America build millions of new homes. But he's also supported other changes at HUD that critics say threaten that mission, like unprecedented staffing reductions and proposed cuts to rental aid. What will this new age for HUD mean for America's housing goals?

Read more: Trump’s Housing Chief Wants to Build, But With What?

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A global selloff in long-dated bonds — including 30-year UK gilts, US Treasuries and Japanese government bonds — has deepened.

On today’s Big Take podcast, host David Gura, Bloomberg Economics’ Jamie Rush and FX reporter Mia Glass in Japan discuss what happened this week in UK and Japan bond auctions — and what it all means for the global economy. 

Read more: Global Bond Selloff Deepens With Longer Debt Leading Losses 

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Beijing is holding its first military parade since 2019, showcasing the strength of China’s armed forces. Underneath the show of power, a Bloomberg investigation has found President Xi Jinping is orchestrating the biggest purge of military leadership since Mao Zedong.

On today's Big Take Asia Podcast, host K. Oanh Ha speaks with Bloomberg's John Liu about the dramatic restructuring of China’s military and what this sweeping shakeup could mean for the rest of the world.

Read more: Xi Unleashes China’s Biggest Purge of Military Leaders Since Mao

Further listening:

The Shadowy Fleet of Tankers Moving Iranian Oil to China
Tensions Are Growing in the South China Sea

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The dismantling of USAID is contributing to a 17% drop in foreign aid this year. That’s put some of the world’s worst conflicts in competition with each other for attention and resources.

On today’s episode of the Big Take, Crisis Group CEO Comfort Ero joins host David Gura to discuss what this drop-off in funding has meant on the ground in the places that need it most — and why it’s so hard to sell developed countries on increasing their foreign aid budgets right now. 

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Nearly half a million people die every year as a result of extreme heat. That’s more than the total from hurricanes, earthquakes and floods combined. And as the planet warms the risk of deadly heat is only increasing.

On today’s Big Take podcast, Bloomberg’s Zahra Hirji brings Sarah Holder a dispatch from a lab at the forefront of understanding how heat affects the human body. They break down the latest science on deadly heat, why everyone is at more risk than they realize — and what actually works to mitigate those risks.

Read more: Scientist Shuts Himself in 104F Chamber in Quest to Study Heat Stress

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Gamblers on prediction sites like Polymarket and Kalshi are already trying to cash in on Taylor Swift and Travis Kelce’s engagement — betting on everything from their wedding timeline to her next single.

On today’s Big Take podcast, host Sarah Holder sits down with Bloomberg personal finance reporter Francesca Maglione and wealth reporter Annie Massa to dig into what a high-profile engagement can teach us about the rapidly growing predictions industry, the challenges with regulating it and who’s investing in its future.

An earlier version of this episode included an incorrect reference to an investor in prediction markets.

Read more: 

• Taylor Swift Engagement Ignites Bets on Super Bowl and a Baby
• The Taylor Swift Wedding Trade

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South Korean shipyards are busier than they’ve been in years. Seoul and Washington are working to finalize a new trade deal that will include a $150 billion commitment to help stimulate the US shipbuilding industry.

On today’s Big Take Asia Podcast, host K. Oanh Ha talks to Bloomberg’s Weilun Soon about whether the US-South Korea shipbuilding alliance could help President Trump achieve his US shipbuilding dreams, what South Korea stands to gain from the investment – and if it will be enough to disrupt China’s maritime dominance.

Read more: South Korea’s $150 Billion Bet on Trump’s Shipbuilding Dream

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President Donald Trump shared a letter on social media Monday night, addressed to Federal Reserve Board Governor Lisa Cook stating he had made the decision to remove her from her position.

It immediately launched a legal fight over the validity of Trump’s move and raised concerns about the future of Fed independence.

On today’s Big Take podcast, Bloomberg international economics and policy correspondent Michael McKee joins host Sarah Holder to discuss the immediate fallout — and the potential long term ramifications.

Read more: Trump Moves to Fire Fed’s Cook, Setting Up Historic Fight

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This Friday, a big change is coming for the more than 4 million inexpensive packages that enter the US daily from abroad: President Donald Trump is ending the de minimis exemption, a loophole that has allowed cheap goods to pass through customs tariff-free for nearly 90 years.

It’s a blow to millions of online shoppers, small businesses on platforms like Etsy and postal services worldwide — many of which have already paused small-package shipments to the US.

On today’s Big Take podcast, Bloomberg’s Laura Curtis joins host Sarah Holder to break down the demise of de minimis: Why ending the carve-out for goods deemed too small to matter is actually a big deal for consumers — and what happens next. 

Read More: Mail Carriers Pause US Deliveries as Tariff Shift Sows Confusion

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Chicago Fed President Austan Goolsbee is still more concerned about the inflation side of the Fed's mandate than he is about the employment side. This is noteworthy because in general markets are expecting rate cuts to come soon, and also Chairman Jerome Powell, speaking in Jackson Hole, put more weight on risks to the labor market.

In this episode recorded at the conference, Goolsbee explains why he has some concerns about whether the inflation embers have been fully stamped out (he's particularly concerned by what he's seeing in the services realm), and why he has relatively more confidence that the labor market is in good shape.

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