Bloomberg Businessweek

Bloomberg's Tom Keene, Lisa Abramowicz and Michael McKee discuss remarks from Fed Chair Jay Powell following his speech at the Jackson Hole Symposium on a special edition of Bloomberg Surveillance.
They speak with:

• Jim Bullard, Former St. Louis Fed President
• Kate Moore, Citi Wealth CIO
• Rich Clarida, Former Fed Vice Chair
  
  Federal Reserve Chair Jerome Powell carefully opened the door to an interest-rate cut in September, pointing to rising risks for the labor market even as worries over inflation remain.“The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance,” Powell said in remarks prepared for the Fed’s annual conference in Jackson Hole, Wyoming on Friday. “Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.” 
  Following Powell’s remarks investors boosted bets that the Federal Open Market Committee would cut rates at their Sept. 16-17 meeting.
  
  

See omnystudio.com/listener for privacy information.

At a time when cities across the country are struggling to meet urgent housing demand, New Rochelle, New York is touting a replicable model that is garnering national attention. Through what local leadership calls the “New Rochelle Model,” the city has taken a proactive approach to development by streamlining approvals, utilizing public-private partnerships, offering targeted tax incentives, and implementing a form-based zoning code. Over the past decade, New Rochelle has added over 4,500 new housing units with an additional 6,500 units in the pipeline. That equates to a 37% increase in New Rochelle's apartment supply, all while rents fell 2% from 2020 to 2023, making it a regional standout among its Westchester peers and New York City.

Mayor Yadira Ramos-Herbert discusses her city's standout progress on housing affordability, helping it achieve in an area where many other municipalities are falling behind. Mayor Ramos-Herbert speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

Caution prevailed on Wall Street ahead of Jerome Powell’s speech, with stocks falling and bond yields rising as a key factory report raised concern that inflation pressures could dim the outlook for rate cuts.

The fastest growth in manufacturing since 2022 drove Treasuries lower, with 10-year yields up four basis points to 4.33%. Federal Reserve Bank of Cleveland chief Beth Hammack said she wouldn’t support easing if officials had to decide tomorrow. The S&P 500 slipped for a fifth straight day, its longest slide since January. Most big techs slid. Walmart Inc. tumbled on a profit miss.

While data showed an increase in jobless claims — adding to signs of a slowing labor market — the solid factory purchasing managers index saw traders reducing their bets on rate cuts. Money markets showed a roughly 70% chance of a reduction in September. A week ago the odds were above 90%.

Today's show features:

• Bloomberg Surveillance Co-Host Tom Keene on the opening of the 2025 Jackson Hole Economic Symposium
• Alli McCartney, Managing Director of Wealth Management with Alignment Partners at UBS, on the market outlook for the rest of 2025 amid geopolitical uncertainty
• Oliver Friesen, CEO at Guardian Metal Resources, the global critical-mineral supply chain
• Bloomberg Intelligence Senior Retail Staples & Packaged Food Analyst Jennifer Bartashus and Bloomberg News Consumer Reporter Jeannette Neumann on some of the week’s key retail earnings and the state of the American consumer

See omnystudio.com/listener for privacy information.

New York-based Brightcore Energy is an energy efficiency company working to lower buildings' operating costs through new technology, with a particular expertise in geothermal heating and cooling in dense urban environments. Brightcore's solutions, ranging from geothermal HVAC to efficient lighting to solar energy, help to lower a building's energy use, providing improved net operating income through reduced costs. In addition to design and installation, Brightcore Energy helps partners realize maximum return-on-investment on these projects through strategic planning and in some cases, financial guidance, helping clients access incentives at the national, state, and local levels.

Mike Richter, a former three-time NHL All-Star and 1994 Stanley Cup Champion with the New York Rangers, now serves as Brightcore's president. He speaks with Tim Stenovec, Emily Graffeo and Will Wade on Bloomberg Businessweek Daily. 

See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump called on Federal Reserve Governor Lisa Cook to resign after a staunch ally called for an investigation of the board member’s mortgages, intensifying his campaign on the central bank.

Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden.

Trump said Wednesday that Cook “must resign now,” citing Pulte’s allegations, while the FHFA head posted on social media that the accusations give Trump “cause to fire” her.

The dollar declined, yields pared losses and gold rose after Trump’s call for Cook’s ouster.Pulte wrote a letter to Bondi and Justice Department official Ed Martin on Aug. 15 suggesting that Cook may have committed a criminal offense. The letter, which was first reported by Bloomberg News, alleges that Cook “falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.” The Justice Department has received the letter, according to an official, who declined to elaborate further.

Today's show features:

• Bloomberg TV Radio International Economics and Policy Correspondent Mike McKee on President Donald Trump calling on Federal Reserve Governor Lisa Cook to resign
• Bloomberg News Space Reporter Loren Grush on recent struggles at SpaceX
• Bloomberg News US Finance Reporter Todd Gillespie on his story about Citigroup hiring a law firm to investigate complaints about the behavior of the bank's wealth-management chief
• David Haber, General Partner at Andreessen Horowitz, and Bloomberg News Consumer Finance Reporter Paige Smith on opportunities in fintech-related venture capital

See omnystudio.com/listener for privacy information.

Block's next growth chapter will likely come from improving profitability, with greater engagement and product penetration among existing clients and better operating leverage. According to Bloomberg Intelligence, the stock's addition to the S&P 500 should accelerate passive investment flows. The Square Seller ecosystem is upselling to larger merchants, expanding overseas and leveraging Cash App to connect sellers and consumer platforms. Cash App is among the top US apps, with 57 million monthly actives in March. Direct deposits are gaining traction, and better unit economics can aid medium-term gross profit.

Amrita Ahuja, Chief Financial Officer and Chief Operating Officer of Block, discusses the company's trajectory as well as the importance of cryptocurrency - especially Bitcoin - to its customer base. Amrita speaks with Tim Stenovec, Emily Graffeo and Nina Trentmann on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

Donald Trump urged Russia’s Vladimir Putin and Ukraine’s Volodymyr Zelenskiy to show some “flexibility” as the US president accelerates his efforts to end the war in Ukraine and encourages the two leaders to hold a bilateral summit.

“I hope President Putin is going to be good, and if he’s not, it’s going to be a rough situation,” Trump said Tuesday in an interview on Fox News. “I hope that Zelenskiy, President Zelenskiy, will do what he has to do. He has to show some flexibility also.” 

Trump’s comments follow a whirlwind stretch as the US president pushes to bring Russia’s war against Ukraine — now in its fourth year — to an end. Trump held a summit in Alaska with Putin last week and talks at the White House with Zelenskiy and European allies on Monday.

Trump spoke with Putin again on Monday and urged him to begin making plans for a bilateral summit with Zelenskiy — a sitdown that would mark the first time those leaders meet face-to-face since Russia invaded its neighbor in Feb. 2022. Trump said that if that meeting goes well, he’ll look to follow up with a trilateral summit with Putin and Zelenskiy.

Today's show features:

• Bloomberg News Senior Reporter Jen Dlouhy on President Donald Trump urging Vladimir Putin and Volodymyr Zelenskiy to show flexibility in pursuit of a deal to end the war in Ukraine
• Bloomberg News Economic Statecraft Reporter Joe Deaux on President Donald Trump's willingness to use the US government to directly intervene in corporate matters
• Abby Roach, Senior Portfolio Analyst for the Empiric LT Equity team at Allspring Global Investments on Home Depot earnings and the US consumer
• Jai Patel, Chief Financial Officer for the MTA, on the state of the agency’s finances

See omnystudio.com/listener for privacy information.

US Latino GDP currently stands at $4 trillion. If measured independently, the figure equates to the world's fifth-largest economy, exceeding that of the United Kingdom and France, and tying with India, which boasts a population 20 times larger.

Ana Valdez is the President and CEO of the nonprofit Latino Data Collaborative, which researches and highlights the vital contributions of US Latinos to the American economy. She breaks down the key sectors being driven by US Latinos, and explains why investors who’ve ignored this emerging demographic are leaving significant money on the table. Ana speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.

US President Donald Trump and Ukrainian leader Volodymyr Zelenskiy expressed optimism their summit with European leaders could result in trilateral talks with Vladimir Putin over ending the Russian leader’s war in Ukraine.

The White House meeting came days after the US president met Putin in Alaska. But while that gathering — which saw Trump say the onus was on Zelenskiy to end the three-year-long conflict — sparked concern among allies, Monday’s meeting provided Ukraine reason for hope.

Zelenskiy said he was encouraged that the US would participate in security guarantees as part of any peace deal, and signaled that Trump had agreed to a key ask: that discussion of territorial exchanges be reserved for direct talks with Putin. Trump signaled that he may be able to convince Russia to release as many as a thousand prisoners as a show of good faith.

More broadly, the two leaders — who have often struggled to work harmoniously since Trump’s return to power — spent the afternoon praising each other and underscoring the unity between Kyiv and Washington.

Today's show features:

• Bloomberg Economics Chief Geoeconomics Analyst Jennifer Welch on Monday's White House summit on Ukraine
• Dr. Angela Stent, Senior Fellow at the Brookings Institution, on President Donald Trump’s meeting with Ukraine’s Volodymyr Zelenskiy and EU leaders
• Andrew Krei, Co-CIO of Crescent Grove Advisors, on key macro trends to watch for the rest of 2025
• Andy Marsh, CEO of Plug Power, on recent earnings, clean hydrogen production progress and the company securing a loan from the Department of Energy earlier this year

See omnystudio.com/listener for privacy information.

The US Department of Energy intends to offer funding opportunities totaling nearly $1 billion “to advance and scale mining, processing, and manufacturing technologies across key stages of the critical minerals and materials supply chains,” it said in a statement this week. The proposed funding is meant to accelerate the US critical minerals and materials sector and reduce reliance on foreign suppliers.

One of the companies impacted by this announcement is Factorial Energy, a producer of solid-state batteries that has partnered with automotive manufacturers such as Mercedes Benz, Stellantis and Hyundai. Dr. Siyu Huang, Factorial's founder and CEO, discusses the market landscape for critical minerals in the midst of a global trade war. Dr. Huang speaks with Tim Stenovec and Carol Massar on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.